Guitar Center sold to private investment firm
Oct 27, 2007 8:07 AM
Established in the 1960s, Guitar Center went public in 1997, with major growth in pro audio and recording gear sales. A private equity firm has purchased the company.
Guitar Center will no longer be publicly traded on the NASDAQ exchange following the firm’s acquisition by Bain Capital, a Boston-based private investment firm. California-based Guitar Center agreed to the sale in June. Stockholders approved the merger on Sept. 18 and consummated Oct. 10.
Under terms of the agreement, Guitar Center shareholders will be paid $63 in cash for each share of common stock held, putting the value of the purchase at approximately $2.1 billion. Guitar Center is one of the largest U.S. retailers of musical instruments, pro audio and recording equipment, with 157 stores in 83 markets, plus online and mail order sales. Bain Capital has approximately $50 billion in assets under management.
For more information, visit www.guitarcenter.com.
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