Fender Musical Instruments Corporation (FMIC) today announced Servco Pacific Inc. (Servco) 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.
Servco has been involved in the musical instruments industry since 1937, and its relationship with Fender began as a dealer of its products in the 1950’s. In 1985, Servco was part of the small investor group that backed industry icon, Bill Schultz, in the buyout of the company from CBS. Over 25 years later, Servco increased its ownership with the purchase of Weston Presidio’s stake in Fender. Through this acquisition, Servco sought to optimize the potential of this music brand and selected TPG Growth as an equal partner in this journey.
Over the last years, Fender has achieved several brand milestones including direct to consumer e-commerce, channeled product innovation, streamlining manufacturing capabilities, digital innovation with the creation of a newly branched arm and digital products including its hero app, Fender Play. In addition, research and deeper analysis brought data to the brand, enhancing Fender’s offerings and improving the service it provides to customers.
Fender is dedicated to supporting artists, from beginners to history-making legends, on every step of their musical journey, taking a player-centric approach to crafting instruments and digital experiences across genres. In 2015, Fender introduced its digital arm with Fender Play and most recently launched Fender Songs to continue to unlock the power of musical expression for all players.
