Italy-based Fine Sounds SpA acquires legendary American hifi maker McIntosh Laboratory from D+M Group, adding to a high-end portfolio including the likes of Sonus Faber, Audio Research, Wadia and Sumiko.
Further details of the deal are unavailable, but a source "familiar with the matter" tells the Wall Street Journal McIntosh cost around $50-100 million.
D+M Group (formerly D&M Group and owner of brands such as Denon and Marantz) bought McIntosh from Clarion back in 2003, also for an undisclosed sum.
"We will treasure and protect the legacy of McIntosh as well as its people and reputation," Fine Sounds Group CEO Mauro Grange promises.
Founded in 1947, McIntosh rose in fame in the rock 'n' roll era-- providing the sound system at 1969's Woodstock before building its first "Wall of Sound" PA system for the Grateful Dead in 1974.
"We are very excited to be joining hands with a partner that has a deep appreciation for our unique brand, history and company culture," McIntosh President and CEO Charles Randall says.
Go Fine Sounds to Add McIntosh Laboratory to Portfolio
Go Fine Sounds to Buy "Wall of Sound" Maker McIntosh Laboratory (WSJ.com, subscription required)