Intrepid announced today that it served as the exclusive financial advisor to The Music People, Inc. (TMP) on its cross-border sale to JAM Industries (JAM), a subsidiary of Ireland-based DCC plc (DCC). For more than 40 years, The Music People has distributed music accessories and professional audio products through its TMP-Pro division, including leading third-party brands and its proprietary On-Stage branded line of accessories, to musical instrument (MI) retailers and integrators that rely on TMP as an extension of their operations. Following DCC’s acquisition of JAM in 2018, the acquisition of TMP further expands DCC’s market share in the North American MI and pro-audio distribution industry. Founded in 1979 by Jim Hennessey and based in Berlin, Conn., TMP has a sterling reputation, industry-veteran product specialists, and a premier roster of MI accessory, pro audio, video, and lighting brands.
“We engaged Intrepid to guide us through this process because of their unparalleled expertise and relationships in the MI and pro audio industry and their experience executing cross-border M&A transactions. Intrepid was creative and tenacious, negotiating a successful outcome for all parties,” said John Hennessey, Co-President of The Music People. “The culture we have cultivated at TMP drives our success. We are thrilled to partner with an organization that is aligned with our values of providing the utmost levels of service and reliability to customers.”
“TMP and JAM have a long history together, including our father having worked at Kaman Music (now a division of JAM) many years ago. The combination with JAM will enable us to carry on the legacy of TMP, providing our employees with enhanced opportunities for personal and professional growth,” remarked Sharon Hennessey, Co-President of The Music People. “The musical instrument and pro audio industries are rapidly evolving, and this partnership will enable us to continue exceeding the expectations of our customers around the world.”
“TMP is exactly the caliber of organization that we want to align with–forward-thinking, innovative, and a brand known for its absolute attention to customer service. We’re thrilled to welcome John and Sharon Hennessey and the employees and customers of TMP to the JAM family,” commented Martin Szpiro, President and CEO of JAM Industries.
“The Hennessey family has been an institution in the music industry for more than 40 years, building TMP into an undisputed leader. It was a pleasure to work with John and Sharon on this important project. This is a strategically compelling transaction for both TMP and JAM, and we look forward to closely following the combined organizations’ continued success,” commented Gary Rabishaw, Managing Director and the Head of the Commercial & Consumer Technology practice at Intrepid.
Based in Montreal, Canada, JAM Industries operates as a value-added distributor for the consumer electronics, musical instruments, pro audio, and lighting markets. JAM operates as a subsidiary of DCC plc, a Dublin, Ireland-based company. DCC, an international sales, marketing, and support services group, produces $18 billion in revenue, operates in 17 countries, and employs approximately 13,200 people.
Deal Team Contacts
About Intrepid’s Commercial & Consumer Technology Practice
Intrepid’s Commercial & Consumer Technology team provides a unique blend of proven execution expertise, deep industry knowledge, and relationships cultivated over many years of dedicated coverage. Target sectors include pro audio/visual products and services, musical products, and consumer and residential technologies. By focusing on these sectors, our industry bankers have a deep understanding of prevailing trends and value drivers.