Fender Musical Instruments Corporation (FMIC) has announced that it has completed an asset sale of the KMC Music wholesale distribution business including the trade name B & J Music, and certain proprietary brands to JAM Industries, Ltd. JAM Industries is one of the largest global leaders in the MI, Pro Audio, and Consumer Electronics wholesale distribution business.
KMC Music is one of the largest independent distributors of musical instruments and accessories, and is a leading wholesaler of musical instruments, accessories and lighting equipment. FMIC will provide short-term transitional support as part of the transaction. Financial and other terms of the deal are not disclosed.
"We are extremely pleased to have found a company with ideal synergies for the KMC Music wholesale business in JAM Industries, Ltd.,” said FMIC’s interim CEO and board member Scott Gilbertson. “They possess great vision for the future of their business and we believe this transaction will mutually benefit each of our strategic objectives."
"We are very excited about this acquisition – it adds greatly to the JAM family of companies in North America. KMC Music has a tremendous legacy and unique distribution abilities that will allow us to provide our current and expanded North American dealer base with the widest and best product offering anywhere,” said Martin Szpiro, President and CEO of JAM Industries, Ltd. “It has been a pleasure doing this transaction with FMIC and we look forward to completing the transition of key employees and operations shortly.”
Earlier this year, FMIC announced that KMC Music sold its owned and licensed percussion brands, including Gretsch® Drums, Latin Percussion®, Toca® Percussion, KAT® Percussion and Gibraltar® Hardware – as well as the Ovation® guitar brand – to Drum Workshop, Inc., the manufacturer of DW drums, hardware, and accessories
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