Pioneer sells DJ equipment business to equity firm
/The end of an era is upon us as Pioneer has sold it's DJ equipment business to the private equity firm KKR for "approximately $551 million". Pioneer will still retain around a 15% stake in the new venture as the new holding company will continue to use the Pioneer DJ name and branding.
As Electronista reports:
"Reuters states that the DJ business is a lucrative one according to figures from Pioneer press briefing on the matter. According to CEO and President Susumu Kotani, Pioneer's DJ line holds a 60-percent market share with an operating margin of 20 percent on $239 million (¥26 billion) in sales last fiscal year.
"We realized we wouldn't be able to invest in the DJ business so it would be better to spin it off and grow it independently," said Kotani."
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