Sound United, LLC has announced that it has entered into a definitive agreement to be acquired by Masimo Corporation, a leading global medical technology company that develops, manufactures, and markets a variety of non-invasive monitoring technologies for hospital and home settings.
Sound United operates consumer brands like Bowers & Wilkins, Denon, Polk Audio, Marantz, Definitive Technology, Classé, and Boston Acoustics, which are sold online and through the custom installation channels.
“I have long been a fan (and proud owner) of Sound United’s iconic brands and am honoured to steward them through the next generation of technological evolution,” says Masimo Founder, Chair & CEO Joe Kiani. “Masimo shares Sound United’s commitment to providing innovative, best-in-class products and experiences, with a relentless focus on improving the consumer experience.”
The company’s say the acquisition will “create stronger relationships with consumers and seamlessly deliver high-quality consumer products.” Masimo will leverage Sound United’s expertise across consumer channels to accelerate distribution of its expanding portfolio of consumer products.
“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. Post-closing, 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 Sound United, and Goodwin Procter LLP served as legal counsel.