Marshall Group Sold to HongShan Capital Group (HSG)

In an unexpected turn of events as the company returned the NAMM Show for the first time in five years, Marshall Group AB, the new Swedish-Anglo company created in 2023, announced they sold the majority stake to private equity fund HongShan Capital Group (HSG) from China. The major selling shareholders - Altor, Telia Company, Time for Growth, and Zenith VC - have all entered into an agreement with HSG in a deal valuing the company at 1.1 billion Euros. The Marshall family will retain a meaningful stake of over 20 percent in the company.
 
Founded in 2005, HongShan Capital Group, formerly known as Sequoia China, is a leading venture capital and private equity firm investing globally in the technology, healthcare, and consumer sectors. With offices in Hong Kong, mainland China, London, Tokyo, and Singapore, HSG manages over USD 55 billion in assets across various funds for top institutional investors. Throughout the past two decades, HSG has evolved into a fully integrated investment platform holding interests in more than 1500 companies.

The sale of Marshall Group’s majority shares held by Altor, Telia Company, Time for Growth, and Zenith VC, is still subject to regulatory approvals, but if approved will mark HSG’s largest investment in Europe to date. In the announcement, Marshall Group characterizes the deal as “the next chapter for Marshall as the iconic brand continues to unlock its true potential.”

The Marshall family will retain a meaningful stake of over 20 percent in the company under the terms of the deal. HSG also says that it will work closely with the Marshall family and the management team to strengthen the Marshall brand and fuel its sustainable and profitable growth. Terry Marshall, Board member at Marshall Group, who founded the now legendary British brand with his father in 1962 comments: “We are now over 60 years into our journey, and the pioneering sound of Marshall continues to resonate across the world. Together with HSG and our team, we can further build on our history to amplify the love for music and the Marshall brand for decades to come.”

“Marshall is one of the world’s most iconic brands, firmly rooted in music culture. By building on this legacy, we are convinced that Marshall will strengthen its position as the go-to brand for guitarists and as the most exciting brand for music lovers globally. We are thrilled to partner with the Marshall family and the team at Marshall to write music history,” says Steve Jia, Partner at HSG.

“Our mission is to support Marshall in unlocking its full potential by leveraging our expertise in digital channels and supply chain optimization. We aim to help bring Marshall’s exceptional products to even more customers globally while embracing and celebrating the spirit that has defined the brand for generations,” adds Taro Niggemann, Managing Director for Europe at HSG.
  Since the creation of the Marshall Group in 2023, which brought together the entire Marshall universe under one roof, after its consumer licensing arm Zound Industries International AB acquired and merged with Marshall Amplification, the company initiated a robust growth trajectory, with an annual turnover approaching 400 million Euros.

Jeremy de Maillard, CEO of Marshall Group, declared: “This deal is a testament to our team’s dedication and exceptional talent in making our vision a reality. Together with HSG and the Marshall family, we have the perfect conditions to continue building on Marshall’s iconic status and unlocking our full potential across the world.”

At NAMM 2025, in Anaheim, California, Marshall made a powerful return with the launch of two exciting new amplifier series — Modified Series and Studio 900 — and the launch of the new Overdrive Pedals, all inspired by the brand’s iconic amplifier heritage and rock 'n' roll legacy. While staying true to Marshall’s rich rock history, these launches bring the classic Marshall sound into more accessible formats, offering new ways to play and explore the legendary tones that have defined genres from the 60s to the present day. 

Martin Axhamre, currently the CFO and Deputy CEO of the Marshall Group, adds: “We already have a positive momentum with exciting plans for the future. Combined with this new strong ownership structure we will be able to invest for the long-term and accelerate even further”.
www.hsgcap.com
www.marshall.com