Midas sold to Behringer owner9 December 2009
Audio console manufacturer Midas and sister company Klark Teknik have been sold to the Music Group, owner of the Behringer brand and other associated companies. Previously business lines within Bosch Communications Systems, the Midas and Klark Teknik brands have been sold as part of an asset deal, the agreement to which was signed on 8 December.
The Midas and Klark Teknik brands will be continued, and the companies_ 106 associates are all to be transferred to the Music Group. The message from both sides of the deal was that it would give Midas and Klark Teknik increased financial backing while allowing it to operate autonomously.
Alex Cooper (pictured left), Midas director of console engineering, said: _The temptation is to cut corners, but that has never been, and will never be the Midas way. I am convinced that working with the Music Group will provide us with advantages that will help us maintain our high standards for the long term._
Music Group CEO Michael Deeb added, _Midas and Klark Teknik are at the very pinnacle of their market segment. They address a very unique client base and fulfilment requirement and have a very different sales channel from our current core business. They will continue to operate autonomously under the leadership of John Oakley [centre]. However, Midas and Klark Teknik will have full access to the group_s extensive resources and advanced automated system platforms in areas such as product development and lifecycle management, supply chain, logistics, decision support and finance._
Uli Behringer, chairman of the Music Group, commented: _I am thrilled and honoured to join with John Oakley and his team in taking these legendary brands forward_ While we plan to invest considerable resources and support to these brands, we also look forward to learning from the achievements of their engineers and working with them to get Behringer to a new level._
Explaining the background to the sale, Robert Mulatz, senior vice president of Bosch Communications Systems, said: _Within the professional audio business of Bosch this niche market [mixing consoles and signal processing] has not been defined as a core business area due to its size and specific requirements. We believe that in the Music Group we have found both the passion and the financial ability needed to grow Midas and Klark Teknik. Among all potential buyers that have been screened, we have selected the Music Group as the best fit._
The sale is subject to regulatory approval. Acquisition price and terms have not been disclosed.