January 30, 2020 I Operations
Fender Announces Change In Ownership
Fender has announced Servco Pacific Inc. and TPG Growth have entered into a sale and purchase agreement in which Servco will acquire TPG’s shares in the company. The acquisition is targeted to close in February 2020, subject to certain closing conditions.
“Fender has enjoyed nearly a decade of sustained growth under the joint ownership of Servco and TPG Growth,” said Andy Mooney, CEO of Fender. “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 [Fender’s] long term relationship with Servco, who share our core mission to support artists and players at every stage in their musical journey.”
Scott Gilbertson, partner at TPG Growth, said in a statement his company is proud of the work it’s done with Fender’s management team. “Since 2012, we’ve deployed significant resources to reinvigorate this iconic lifestyle brand,” he said. “In 2015 we supported Fender’s transformation with the addition of Andy Mooney as CEO to reinforce the ongoing improvement of Fender’s business, from reenergizing channel relationships and deepening Fender’s commitment to product quality and innovation to engaging directly with consumers, launching market-leading digital learning resources and reaffirming Fender’s unwavering dedication to the artist community. We are grateful for Servco’s commitment to Fender and wish them continued success.”
Mark Fukunaga, chairman and CEO of Servco, said in the same statement that Servco anticipates continuing its work with Fender. “Servco has a 100-year track record that includes stewarding iconic brands through committed, long-term partnerships that span multiple generations,” he said. “We look forward to deepening our relationship with Andy and the Fender team that will prove beneficial to our community of artists around the world.”
