Eric Clapton and Sting are known for playing Fender guitars, but now the rock
icons will have a wider selection to choose from following Fender Musical
Instruments Corp.'s agreement to add Kaman Music Corp., the maker of Ovation
guitars and other instruments, for $117 million in cash on Monday.
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In this
middle-market
deal, Fender, the world's largest manufacturer of guitars, will be
acquiring a company that will bring it an independent distributor of musical
instruments and accessories with more than 20,000 musical products. Kaman is
best known for its Ovation guitars, which were designed by aerospace engineer
Charlie Kaman in the 1960s. With this divestiture, Kaman's parent company
Kaman Corp. will get back to its roots and focus on making products for the
aerospace and industrial markets. — Gerald Magpily
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Los Angeles Times article
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Harmony Central article
