Schultz e Mendello (thanks to globalmusictribune)
In 2001, private equity firm Weston Presidio acquired a controlling stake in the company for $57.8 million.
Just few years later, in 2005, Bill Schultz (who died in 2006) retired and Bill Mendello, already manager under CBS, became the new CEO of FMIC.
Soon after also the other big protagonist of 1985 buyout, Dan Smith, retired (he died on September 28, 2016). Smith and Schultz's contribution to Fender, however, can’t be forgotten: had it not been for them, probably the company that invented Stratocaster would not exist today. At the beginning of 2008 FMIC incorporated Kaman Music Corporation (KMC), the largest independent distributor of musical instruments in the United States, which produced or distributed brands as Ovation, Takamine, Hamer, Latin Percussion, Gretsch Drums, Gibraltar Hardware, Toca Percussion, Sabian Cymbals and Genz Benz amplifiers.
Old Fender's sales director, Don Randall, the man who gave the name to Stratocaster, died on December 23 of that year.
In 2010 Mendello retired too and was replaced by Larry Thomas, who had been CEO of Fender Musical Instruments Corporation until October 2013, when Scott Gilbertson took his place. Larry is remembered for having revisited American Vintage and introduced American Select.
In 2012, Fender announced plans for an initial public offering (IPO). While the move would’ve secured Weston Presidio more than $50 million, it was withdrawn due to poor market conditions.
In fall of 2012, longtime investor Servco – with TPG Growth as an equal-stakes partner – purchased Weston Presidio’s shares in Fender, and with that, a co-ownership stake in the brand.
In the same year, Fender moved its direction to Scottsdale Perimeter Centre and in 2014 sold the historic Guild acoustic guitar brand to the Cordoba Music Group.
In 2015 Andy Mooney, Scottish by birth, became the new CEO in place of Gilbertson.
With a press release in January 2020, Fender announced that longtime investor Servco will be securing a majority stake in a purchase agreement with TPG Growth and that the acquisition will take place in February. Andy Mooney noted the milestones Fender had reached under the joint ownership, saying: «We thank TPG Growth for their contribution on multiple levels, both strategic and tactical, and for their support to expand into digital products and services». Mooney also made it clear that the change in ownership won’t affect the makeup of Fender’s current management: «On an operational level, all will remain the same. Fender will continue with the same exceptional management team who all have been instrumental in our recent growth. We look forward to extending FMIC’s long term relationship with Servco who share our core mission to support artists and players at every stage in their musical journey».
Just few years later, in 2005, Bill Schultz (who died in 2006) retired and Bill Mendello, already manager under CBS, became the new CEO of FMIC.
Soon after also the other big protagonist of 1985 buyout, Dan Smith, retired (he died on September 28, 2016). Smith and Schultz's contribution to Fender, however, can’t be forgotten: had it not been for them, probably the company that invented Stratocaster would not exist today. At the beginning of 2008 FMIC incorporated Kaman Music Corporation (KMC), the largest independent distributor of musical instruments in the United States, which produced or distributed brands as Ovation, Takamine, Hamer, Latin Percussion, Gretsch Drums, Gibraltar Hardware, Toca Percussion, Sabian Cymbals and Genz Benz amplifiers.
Old Fender's sales director, Don Randall, the man who gave the name to Stratocaster, died on December 23 of that year.
In 2010 Mendello retired too and was replaced by Larry Thomas, who had been CEO of Fender Musical Instruments Corporation until October 2013, when Scott Gilbertson took his place. Larry is remembered for having revisited American Vintage and introduced American Select.
In 2012, Fender announced plans for an initial public offering (IPO). While the move would’ve secured Weston Presidio more than $50 million, it was withdrawn due to poor market conditions.
In fall of 2012, longtime investor Servco – with TPG Growth as an equal-stakes partner – purchased Weston Presidio’s shares in Fender, and with that, a co-ownership stake in the brand.
In the same year, Fender moved its direction to Scottsdale Perimeter Centre and in 2014 sold the historic Guild acoustic guitar brand to the Cordoba Music Group.
In 2015 Andy Mooney, Scottish by birth, became the new CEO in place of Gilbertson.
With a press release in January 2020, Fender announced that longtime investor Servco will be securing a majority stake in a purchase agreement with TPG Growth and that the acquisition will take place in February. Andy Mooney noted the milestones Fender had reached under the joint ownership, saying: «We thank TPG Growth for their contribution on multiple levels, both strategic and tactical, and for their support to expand into digital products and services». Mooney also made it clear that the change in ownership won’t affect the makeup of Fender’s current management: «On an operational level, all will remain the same. Fender will continue with the same exceptional management team who all have been instrumental in our recent growth. We look forward to extending FMIC’s long term relationship with Servco who share our core mission to support artists and players at every stage in their musical journey».
