The head honchos at Fender Musical Instruments Corporation have recently announced a major change in their international ownership, with Servco Pacific Inc acquiring a majority stake in the iconic company from TPG Growth.
For those who aren't acquainted with Servco or TPG Growth, they're both big dog investment companies based overseas. Servco, who've been involved with Fender to some degree since the 1950s, oversee a portfolio of brands in Hawaii, while TPG Growth literally owns $60 billion worth of investments. It's always a bit ominous to think that there's companies like these pulling the strings in some form, but anyway, I digress.
Fender CEO Andy Mooney discussed the new in a press statement, reassuring buyers that there'd be no discernable changes in the way that the company functions - “Fender has enjoyed nearly a decade of sustained growth under the joint ownership of Servco and TPG Growth. We thank TPG Growth for their contribution on multiple levels, both strategic and tactical, and for their support to expand into digital products and services."
“On an operational level, all will remain the same; Fender will continue with the same exceptional management team who all have been instrumental in our recent growth. We look forward to extending FMIC’s long term relationship with Servco who share our core mission to support artists and players at every stage in their musical journey.”
Find out more about the takeover here.