The Quest Group Agrees to Acquire GoldenEar Technology

January 3 2020, 06:10
GoldenEar Technology, the manufacturer of home audio loudspeakers, and The Quest Group, best known as the owner of the AudioQuest brand of cables, Niagara power products, and DragonFly DACs, have announced that GoldenEar has become part of The Quest Group, a California corporation wholly owned by AudioQuest founder and CEO Bill Low. In a letter sent to GoldenEar dealers and distributors, Sandy Gross justifies the decision based on what The Quest Group's resources and capabilities can do for the company.

GoldenEar Technology was founded in 2010 by Sandy Gross (co-founder of Polk Audio and Definitive Technology), Don Givogue, and Bob Johnston, with the intention to "bring back the combination of entrepreneurial spirit and passion for incredible sound which has always driven this business and helped to create the great speaker companies of the past.”
The GoldenEar Technology recipe focus on offering the best products to the best specialty dealers and custom installers, targeting discerning buyers looking for something more exciting than homogenized, mass-market products.

"We have created superb products that are unmatched in their combination of performance and value. Through our hard-hitting marketing, advertising, and fantastic reviews, we have become a well-established force in the loudspeaker marketplace. We have established a much-envied distribution network in North America through the best brick & mortar dealers. And in the international markets, with distributors in 35 countries, we have begun to establish an equally enviable worldwide presence," Sandy Gross states.
"When Don approached me several years ago to let me know that he wanted to retire, he tasked me with the challenge of finding the right business partner with which to join GoldenEar — one who understands who we are, what we do, and how we do it. The choice was clear: I have known Bill Low for almost 50 years, dating back to my first trip around the country to set up Polk distribution. Back then, Bill had a small high-end audio store in Portland, Oregon, and, as two fanatical audiophiles, we immediately hit it off and have been friends ever since. So, I enthusiastically approached Bill with the concept of bringing GoldenEar into The Quest Group, joining AudioQuest, and here we are today announcing that combination," he adds.

"I very much want to continue with my lifelong work of creating great loudspeakers and bringing them to market. Don was the operational side of the business, and I believe that the operational strength within The Quest Group will be more than able to pick up the ball and charge ahead. I think that TQG’s capabilities will help us to create and structure an even more effective market presence, and, with their help and backing, I am confident that our sales team will grow and be able to offer even greater support to you, our dealers, distributors, and to your teams."

"Internationally, from a logistical standpoint, The Quest Group is way ahead of anything that we have ever had. Their strong presence on the ground in Europe includes full warehousing and a growing sales-support structure. Their excellent Asia-Pacific team will help our current vendor interface team, as well as provide in-person sales support. Combined, these assets will be a tremendous help for GoldenEar and our distributors toward achieving growth and taking a much stronger international position. Our engineering team, strengthened by the addition of new head Benjamin Seaman, who has tremendous experience organizing and running effective engineering teams in the aerospace industry, remains in place and is busy working on new projects to help me achieve my product dreams."

The GoldenEar president also confirms that nothing will change in daily operations for the company, with GoldenEar continuing to pursue its own unique and independent distribution strategy. "At present, about one hundred of GoldenEar’s approximately two hundred North American dealers are also AudioQuest dealers. Over time, more AudioQuest dealers might become GoldenEar dealers, though only when and where appropriate. Under no circumstances will GoldenEar become available to all AudioQuest dealers. Of course, AudioQuest is hoping that it might be appropriate for more of the GoldenEar dealer community to become AudioQuest dealers, but there is no mandate for either community to merge with the other," Gross says.
For its part, Bill Low added: "I am acquiring GoldenEar Technology because nothing is broken and nothing needs to be fixed. The businesses of GoldenEar and AudioQuest are simply complementary and compatible to a degree seldom seen when an investment business buys companies."
"I have always been certain that I would only ever want to be involved with business activities that I initiated, from my stores in Portland, OR, and Santa Monica, on to AudioQuest cables, Niagara and PowerQuest power products, and the DragonFly series of portable DACs — but the opportunity to work with Sandy and share in the growth of GoldenEar is simply irresistible," he adds. |
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