Phoenix Gold International, parent company of consumer and professional audio brands Phoenix Gold, AudioSource and Carver, has been purchased by local investment group PHX AP Acquisitions and Phoenix Gold VP Tom O'Mara.
The amount of the transaction was undisclosed, and the new company will become a privately held firm. The new executive team has appointed Jonathan Cooley as CEO and Tom O'Mara as president. Additional management changes will be announced soon.
“The Phoenix Gold, AudioSource and Carver names carry with them tremendous respect and credibility in the marketplace, and we want to ensure their legacies will be carried well into the future,” O'Mara explained. The company will launch new products for its brands later in the year.
The new direction will focus on new products, revamped brand positioning and channel strategies that will be implemented over the next few months as part of the new business plan. As part of the new plan, all domestic manufacturing will be terminated and the resources will be allocated to the core business focus, the company said.
O'Mara added that company officials will soon meet with current domestic and international sales and distribution partners to ensure a seamless transition as a result of the company sale and that distribution of products to the marketplace will be affected as little as possible, if at all.
O'Mara said, “We now have in-place a strategic plan and team that will develop a streamlined, focused and dedicated effort to continue to bring to market the acclaimed products the industry has come to expect from Phoenix Gold, AudioSource and Carver.”