Marshall Group has been acquired by HongShan Capital Group (HSG) in a deal valuing the audio company at $1.16 billion. The Marshall family will retain a 20% stake, while previous investors including Altor, Telia, Time for Growth, and Zenith VC will exit completely.

The acquisition represents HSG's largest European investment to date. The Hong Kong-based firm, which has stakes in Alibaba and ByteDance, aims to expand Marshall's global presence while building on its 63-year heritage.

Marshall Group CEO Jeremy de Maillard stated that partnering with HSG creates "perfect conditions" to enhance Marshall's iconic status worldwide. Terry Marshall, board member and co-founder, expressed confidence that the deal would help amplify the brand's music legacy.

The company has shown strong financial performance, with:

• Revenue doubling between 2020-2024 to over $420 million
• Q3 2024 net sales of $102.43 million (up 15% YoY)
• Adjusted operating profit of $27.82 million (up 29% YoY)

This acquisition follows Marshall's 2023 consolidation of its various divisions, including amplifiers, Bluetooth speakers, headphones, and artist services. The deal also strengthens Marshall's position in the growing Asian market, where music industry investments have increased significantly.

The transaction remains subject to regulatory approval, with completion expected in the coming months.

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