Soundcast Sold to Hancock Park Associates
Soundcast, developer and manufacturer of high-performance wireless music systems announced today the sale and new ownership of its brand....
Soundcast, developer and manufacturer of high-performance wireless music systems announced today the sale and new ownership of its brand. Hancock Park Associates, a private equity investment firm with offices in Los Angeles, Denver and Houston, purchased the company and appointed The OAC Group to manage and run Soundcast.
[caption id="attachment_9248" align="alignleft" width="266"] HPA says it is committed to accelerate Soundcast’s brand and product development with new products planned for CES 2016 and the International Casual Furniture & Accessories Market.[/caption]
The new owner, Hancock Park Associates (HPA) was founded in 1986. HPA is said to seek companies with lengthy operating histories in mature industries gravitating toward specialty retailing and niche manufacturing where the firm has significant experience and success. They are long-term investors focused on building a long-term value and growing businesses, HPA said. Retail brands grown under the HPA portfolio include Charming Charlie, Leslie Pools & Spas, Gordon Biersch Restaurants and Brown Jordan Furniture.
HPA owners immediately contracted CE industry and Soundcast marketing experts, The OAC Group headed by Oscar Ciornei to run the brand and manage the business. The OAC Group along with Soundcast’s existing staff will be responsible for the marketing and sales strategy, new product development, engineering, customer service/support systems, and finances.
“We are passionate to move forward as a team with Soundcast. It’s important for our dealers and distributors to work with the same people and faces they’ve come to know and trust. HPA is a solid owner and investor committed to the long-term brand development of Soundcast that will further support our channel markets in place with the products and resources required to succeed,” says Oscar Ciornei, President and CEO of Soundcast and CEO of The OAC Group.
The OAC Group clients include CE brands such as Russound, DTS, Atlantic Technology, Soundcast, SnapAV, NEST, Konica, SpeakerCraft, Harman/Kardon, A-BUS and others.
The company says it is committed to accelerate Soundcast’s brand and product development with new products planned for CES 2016 and the International Casual Furniture & Accessories Market at new price points and strengthened features.
Ted Fourticq, Principal at Hancock Park Associates says, “Soundcast’s unique outdoor leisure audio products are quite exciting to us at HPA with the heightened growth and demand for outdoor living products. We foresee a great future for Soundcast and its partners”.
The Soundcast executive leadership team is to be led by Oscar Ciornei as President/CEO and Visionary, Leonard Santos as Chief Operating Officer and Bob Dulsky as Chief Financial Officer. The business offices, accounting and warehousing will remain in San Diego, CA. Future growth plans will be announced at a later time.