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McIntosh Audio A Tradition of Excellence

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  #41 (permalink)  
Old 10-08-2012, 04:01 PM
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Following in the footsteps of REL and Sonus Faber, a line of entry level Mac, made in China.
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  #42 (permalink)  
Old 10-08-2012, 04:04 PM
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Quote:
Originally Posted by cmalak

Fine Sounds is the investment vehicle/holding company set up by Quadrivio, an Italian middle market private equity company which has $300 million in assets under management, to acquire companies in the high-end audio space. As the article notes, Fine Sounds (and hence Quadrivio) owns SF, ARC, Wadia, Sumiko and now McIntosh. So they are clearly doing a roll-up strategy, buying small comapnies in the high-end audio space (most high-end audio companies are small eventhough we are talking about big marquees in the space represented by FineSounds) and trying to drive synergies among them in product development, distribution and I suspect back office. As the article notes, the companies owned by FineSounds collectively account for $70 million in revenues and employ 250 people. Not sure if those numbers also reflect McIntosh on a pro forma basis or if McIntosh adds to those totals.

Here is a link to Quadrivio's website: Quadrivio SGR and you can see a listing of their portfolio companies (i.e., companies they have purchased) here: http://www.quadriviosgr.com/en/quadr...foglio.asp?p=1, representing companies in the food, retailing, software, manufacturing and high-end audio industries.

Typical exit for private equity firms from their investments are two fold: 1) taking a company public (i.e, floating it on a puclic exchange), and 2) selling a portfolio company to another buyer (typically a strategic buyer or another private equity firm). I suspect it will be hard IPOing a pureplay high-end audio company given niche orientation and cyclicality of the industry, but not impossible. More likely exit is a sale to another financial buyer or strategic buyer (remember there are publically traded companies that may be larger consumer electronics businesses that also own high-end audio marquees, the most well known case in point is Harman International (http://www.harman.com/EN-US/Pages/Home.aspx), who's primary focus is automotive audio but they also own Revel, Mark Levinson, Harmon Kardon, AKG, etc...

Hope this helps.


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  #43 (permalink)  
Old 10-08-2012, 04:11 PM
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Default McIntosh

Dear friends,

I'm new in this forum, and because you're talking about Mac, I would like to make you a question.

I'm going to upgrade my cd player, and I'm thinking in Mac mcd 301 and mcd 500.

In terms of sound quality, It's much better the 500 than the 301?

I only play cd's, never cdr's, no downloaded music, and I don't care about digital inpunts. I only listen to jazz music, so, could anybody tell me the sound quality differences between both players?

Thank's.

JM
Spain
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  #44 (permalink)  
Old 10-08-2012, 04:13 PM
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Quote:
Originally Posted by mbovaird View Post
The rumored price in the WSJ is $50 million for Denon, Marantz and McIntosh. I'm scratching my head.....that seems like a bloody steal.
WSJ said between $50 and $100 and the deal does not include Denon and Marantz. FineSounds bought McIntosh only.
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Old 10-08-2012, 04:15 PM
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Quote:
Originally Posted by metaphacts View Post
McIntosh is no more Italian than Audio Research is.
It is not parochialism, but a fact. The PE Fund owner of AR and McI is regulated by the italian laws. So their consolidated balance sheets.

BTW, the new owner will let us see more investment in R&D, more integration between (e.g.) McI & SF, new marketing strategies? Anything else? I don't know, but I hope.

I even know that the deal includes McI only.
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  #46 (permalink)  
Old 10-08-2012, 04:22 PM
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Quote:
Originally Posted by Gogolak View Post
It is not parochialism, but a fact. The PE Fund owner of AR and McI is regulated by the italian laws. So their consolidated balance sheets.

BTW, the new owner will let us see more investment in R&D, more integration between (e.g.) McI & SF, new marketing strategies? Anything else? I don't know, but I hope.

I even know that the deal includes McI only.
To see where they are going, look at what FineSounds has done with it's other acquisitions. They bought Sonus faber in 2008 and ARC shortly thereafter. Wadia came in 2010 and Sumiko in 2011. Exciting times around the office I will tell you that.
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  #47 (permalink)  
Old 10-08-2012, 04:24 PM
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This may be a good thing. D+M was pushing McIntosh towards all that lifestyle crap. I was worried that they were moving away from their core audiophile constituency (us).

I think being in the company of Audio Research and Sonus faber is a better fit than Denon and Marantz.
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  #48 (permalink)  
Old 10-08-2012, 04:25 PM
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Quote:
Originally Posted by metaphacts

WSJ said between $50 and $100 and the deal does not include Denon and Marantz. FineSounds bought McIntosh only.
Does anyone have an estimate of what McIntosh's annual revenues are? I have my guess but if I am in the ball park, even $50 mm would be a stretch for the purchase price but I may be way off in my estimate of revenues.
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  #49 (permalink)  
Old 10-08-2012, 04:31 PM
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Quote:
Originally Posted by metaphacts

WSJ said between $50 and $100 and the deal does not include Denon and Marantz. FineSounds bought McIntosh only.
Gotcha. Cut out the meat and leave the fat? Should be exciting. I think it was truly bound to happen. A sign of the times for the industry - but hopefully this is a strength in numbers situation.

I wonder if this will mean Mc dealers can carry SF and visa-versa?

Sure makes the B&W/classe deal look small now. But they may have started all of this consolidation in the industry.
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  #50 (permalink)  
Old 10-08-2012, 04:32 PM
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Quote:
Originally Posted by cmalak View Post
Does anyone have an estimate of what McIntosh's annual revenues are? I have my guess but if I am in the ball park, even $50 mm would be a stretch for the purchase price but I may be way off in my estimate of revenues.
North of $40mil annually
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