Sound United, LLC, a manufacturer high-performance audio products, has announced that it has entered into a definitive agreement to be acquired by Masimo Corporation.
Masimo is a global medical technology company that develops, manufactures, and markets a variety of noninvasive monitoring technologies for hospital and home settings.
Sound United operates brands that include Bowers & Wilkins, Denon, Polk Audio, Marantz, Definitive Technology, Classé, and Boston Acoustics. Sound United states that it delivers significant competitive benefits through its platform advantages including global distribution across online, retail and custom installation channels; a cloud-connected home ecosystem; and state-of-the-art R&D function focused on creating the highest-quality consumer products with world-class industrial design.
“I have long been a fan (and proud owner) of Sound United’s iconic brands and am honored to steward them through the next generation of technological evolution,” comments Joe Kiani, founder, chair and CEO, Masimo.
“Masimo shares Sound United’s commitment to providing innovative, best-in-class products and experiences, with a relentless focus on improving the consumer experience.”
Aggregate Sound United, Masimo Continues Audio Brands’ Long Legacies
According to the companies, the combined Masimo and Sound United resources will create stronger relationships with consumers and seamlessly deliver quality consumer products. The company will leverage Sound United’s expertise across consumer channels to accelerate distribution of Masimo’s expanding portfolio of consumer products. The resulting company will benefit from the professional and consumer engineering function focused on products that make an impact on the lives of our consumers.
“We’re excited about this transaction and see significant potential in combining our expertise in consumer electronics and audio engineering with Masimo’s strengths in healthcare and monitoring,” adds Kevin Duffy, CEO of Sound United.
“With our track record of industry-first innovation, best-in-class products, and a global distribution network, we are the ideal partner for Masimo to transform the consumer healthcare experience. I look forward to working with the Masimo team to enrich the lives of consumers.”
The transaction is expected to close near the middle of 2022, subject to the receipt of regulatory approvals and other customary closing conditions.
Once the deal is completed, Kevin Duffy will continue to lead Sound United, reporting directly to Kiani.
Sound United is a portfolio company of Boston-based private equity firm Charlesbank Capital Partners, LLC. Citigroup acted as financial advisor to Masimo and Paul Hastings LLP served as legal counsel. Evercore served as lead financial advisor to Sound United. Stifel and Solomon Partners also provided financial advice to the company, and Goodwin Procter LLP served as legal counsel.
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