Audio Giant Acquiring Onkyo, Pioneer
Onkyo and its brands will be added to the growing stable of a Californian company that already owns several brands including Denon, Polk, and Marantz.
Sound Audio, a subsidiary of Boston-based private equity firm Charlesbank Capital Partners, has entered an agreement to acquire the Onkyo consumer audio division, including Pioneer and Integra.
“We are thrilled by the opportunity to add the venerable Onkyo and Pioneer brands to our portfolio,” Sound United CEO Ken Duffy said in a statement.
“We believe the combined businesses will bring unrivaled innovation and sound performance to our consumers and channel partners.”
The acquisition is expected to be confirmed by the end of next month, pending financial due diligence and approval from regulators and shareholders.
Iconic guitar maker Gibson bought a significant stake in Onkyo in 2012, but filed for Chapter 11 bankruptcy last year.