(Bloomberg) — HongShan Capital Group has agreed to buy a majority stake in audio equipment maker Marshall Group AB in a deal valued at about $1.1 billion.
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The founding Marshall family will retain more than 20% of the Stockholm-based company, whose guitar amplifiers have been used by rock legends including Jimi Hendrix and Eric Clapton, according to a statement on Friday. The announcement confirmed an earlier report by Bloomberg News that HongShan, the investment firm formerly known as Sequoia China, was closing in on a deal for Marshall.
HongShan is a venture capital and private equity firm that invests in the technology, healthcare and consumer sectors. Since its establishment in 2005, it has supported more than 1,500 companies, including Alibaba Group Holding Ltd., BYD Co. and ByteDance Ltd., its website shows.
The transaction, which is subject to regulatory approvals, will mark HongShan’s largest investment in Europe to date. The company manages more than $55 billion in assets.
An audio, technology and design group, Marshall traces its roots back to 1962 in Great Britain, according to its website. Its products range from amplifiers to headphones and wireless speakers. It is present in more than 90 markets.
Closely held Swedish group Zound Industries bought Marshall in 2023, with the founding Marshall family remaining a shareholder. The transaction also included Natal Drums, Marshall Records and Marshall Live Agency.
(Adds details of previous owners in last paragraph)
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