Fender Announces New Financial Partners

Jan 3, 2002 12:00 PM, Editors


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Fender Musical Instruments Corporation (Scottsdale, Ariz.), manufacturer of electric guitars and amplifiers, announced the recent sale of holdings in the company.  In order to reward its founding shareholders of more than 16 years, Fender has recapitalized a minority portion of its common stock to allow for a partial payment to those who helped finance the buyout of the company from CBS in 1985.

New financial partners include Roland Corporation U.S., the Los Angeles-based musical instrument company with whom Fender has previously partnered on co-designed products, and Weston Presidio, a private equity firm based out of San Francisco.

Since leveraging to buy Fender Musical Instruments Corporation from CBS in 1985, chairman and CEO Bill Schultz and his group of investors have restored the American musical company to its former status as an industry front runner.  Over the past two years, Fender has sought to reward its longtime investors by realizing the potential of their initial investments.  Many of these investors will receive the capital raised from the minority sale, while continuing to stay on as shareholders and board members of the company.

"Our shareholders have realized an appreciation in stock evaluation," explained Schultz. "Their faith and loyalty to the brand name and to our financial goals are the reason that we are back on top, and we want to reward them for the patience and the trust they have placed in our management team by allowing a partial redemption of their shares."

Added Schultz, "We've also been very focused on strengthening our future economic structure. The newly established relationship we've forged with Roland and Weston Presidio has not only financed the repurchase of common stock from our founding shareholders, it has aligned us with progressive partners that share our vision of a global company."

For more, visit www.fender.com.

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