Denon and Marantz have been acquired by the parent company of Polk Audio, Sound United, for an undisclosed sum, the two companies have confirmed.
D+M Group is the largest supplier of audio/video receivers worldwide. That title will now go to Sound United, which not only gets Denon and Marantz, but also receive the HEOS and Boston Acoustics brands as part of the deal.
Sound United already owns Polk Audio, Definitive Technology and Polk BOOM, but the combined company should help it expand its product portfolio into new markets, as well as realise synergistic opportunities and cost savings.
Kevin Duffy, CEO of Sound United, will serve as CEO of the combined company. “Sound United and the D+M Group employees share a culture of innovation and customer focus,” he notes. “We plan to leverage those core values in the combined company in order to offer consumers and our channel partners a breadth of complementary products while expanding our investments in technology development and marketing.”
“We welcome the addition of the D+M team and are excited to work together to ensure that this strategic combination capitalises on its global leadership position while also ensuring that each of our individual brands continues to be highly differentiated in the marketplace,” Duffy continues. “Our existing customers and channel partners will benefit from the enhanced breadth and depth of the combined product portfolio, while our strategic suppliers should be well-positioned to expand with us as we grow.”
Jim Caudill, CEO, D+M Group, will serve as an advisor to the consolidated company. “This transaction is a testament to D+M Group’s employees and exceptional brands and all that we’ve accomplished in the audio industry,” he adds.
“By joining Sound United, we expect to deliver tremendous value to our customers through access to Sound United’s aspirational speaker brands including Polk Audio and Definitive Technology. We believe that this transaction will drive compelling opportunities for our employees, customers, and suppliers, and are looking forward to ensuring the success of the new organisation.”