JAN. 6 I KMC, DW I SALE
KMC Music Sells Percussion Brands, Ovation Guitars to Drum Workshop

Fender Musical Instruments Corporation (FMIC) announced today that its subsidiary, KMC Music, has 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 and the exclusive U.S. distribution rights for Sabian Cymbals — to Drum Workshop, Inc., the manufacturer of DW drums, hardware and accessories.

"We are extremely proud of our team's effort to nurture and grow each of the individual brands and are enthusiastic for their future," said Scott Gilbertson, FMIC's interim CEO and board member. "We recognize the strategic opportunity for DW and are confident that they will be champions of the brands moving forward."

"This is an amazing opportunity to extend our passion and commitment for the art of drumming," said Chris Lombardi, CEO of Drum Workshop, Inc. "We're excited to welcome these legendary American brands to the DW family."

Founded in 1972, the family owned and operated manufacturing company also boasts the award-winning DW Drums brand, as well as Pacific Drums and Percussion (PDP). Details of the purchase are forthcoming, however it has been announced that DW Drums manufacturing operations will remain in California, Gretsch drum production will continue in South Carolina and LP's offices will stay in New Jersey.

Financial and other terms of the deal are not disclosed.

fender.com; kmcmusicorp.com; dwdrums.com