The new owners of Audio Research have finally issued a clearer statement on what is happening at the top end Hi Fi Company after it was rescued from administration.
Initially sold off by the McIntosh Group, there was a lot of speculation as to the potential viability of the business.
Now after a bitter process that saw staff pitted against former staff and banks taking action against the Company it finally been confirmed that Audio Research Corporation has been acquired by AR Tube Audio Corporation, a privately-owned Delaware-based corporation which includes Valerio Cora of Acora Acoustics Corporation as a director.
The business has also confirmed that Audio Research will operate independently from Canadian Company Acora Acoustics after the A$1.6M.
Acoustic Research was placed into receivership with a US bank claiming they were owed A$2.1M and another creditor over A$1.5M.
The acquisition was approved by a judge after an asset purchase agreement was made with Lighthouse Management Group.
No Private equity and venture capital investment groups are now involved in the new corporation.
All staff will remain employed in the business.
In Australia Audio Research products are distributed by Melbourne based Synergy.
The Company claims that their dealer network will remain stable and continue to receive the full support of the company.
Management claim that the acquisition is set to provide the financial stability required to resume the growth that Audio Research had achieved over the decades.
There are also several new products on the horizon, including the Reference 320M amplifier, which will fuel Audio Research’s growth.
The product line remains and will continue to develop over time in the tradition you have come to expect from Audio Research claims executives at the US Company.
Valerio Cora, with his extensive business experience and ownership of Audio Research components for many years, is the perfect person to be at the helm.
He said “I am thrilled to be joining the fantastic team at Audio Research on their journey towards a very bright future. As someone whose audio journey has been built on the foundation of Audio Research, I am deeply honoured to have the opportunity to contribute to such an innovative and forward-thinking brand. I can’t wait to work alongside these amazing people and help drive Audio Research’s success to even greater heights!”
