Fender Musical Instruments Corp., the largest seller of guitars in the U.S., plans to sell as much as $200 million worth of shares in an initial public offering in bid to bring more Eric Clapton to China.
The guitar maker and its investors will sell shares, the Scottsdale, Arizona-based company said today in a regulatory filing. JPMorgan Securities LLC and William Blair & Co. LLC are advising on the proposed offering. No further details were announced. San Francisco-based Weston Presidio Capital is the largest investor with 43 percent of the shares.
Fender, which traces its roots to 1946, makes the Stratocaster, or “Strat,” one of the most popular electric guitars and models inspired by musicians such as Clapton and John Mayer. The company, which increased sales 13 percent to $700.6 million last year, sees growth coming from emerging markets such as China and India as guitar-based music becomes more popular in those nations.
“We intend to extend our reach to a broader global consumer base,” Fender said. The brand is “closely associated with the birth of rock ‘n’ roll and has a strong legacy in music and in popular culture.”
Read the rest here.
If you enjoy the content at iBankCoin, please follow us on Twitter
