🠈 Guitar Center 🠊
Guitar Center
Guitar Center is a nationwide chain offering guitars and related musical instruments. The group owned Musician's Friend, Music and Arts, Woodwinds and Brasswinds and other sources of instruments and band equipment.
Corporate History
The company began selling electric organs. Its changed its name to Guitar Center in the 1960s and guitar music became the rage. The company expanded rapidly with financing by Goldman Sachs and has since become a vehicle for acquiring music related firms. I drew the basic history from the corporate site, Wikipedia and Funding Universe1,2,4.
- 1959: Wayne Mitchell opened The Organ Center in Hollywood to sell electronic organs primarily for church use.
- 1964: The company changed its name to The Vox Center as its most popular instrument was the Vox guitar.
- 196?: The company changed its name to Guitar Center.
- 198?: The company began a rapid expansion across the US.
- 1997: Guitar Center raised $101 million in an IPO on the NASDAQ with the symbol GTRC.3 Goldman Sachs financed the IPO
- 2005: Guitar Center acquired Musician's Friend which sold musical instruments through a catalog and online.
- 2005: Guitar Center acquired Music and Arts which rents and sells instruments for school bands.
- 1952: Music and Arts began selling instruments in Bethesda, Md.
- 2005: Larry Thomas launched the Guitar Center Music Foundation which became The Fender Foundation to promote music education.
- 2006: Guitar Center bought 4 stores from Hermes based in Texas.
- 2007: Bain Capital acquired Guitar Center in a $2.1 billion buyout led by Goldman Sachs.
- 2007: Musician's Friend acquired Dennis Bamber, Inc which owned Woodwind and Brasswind, Music123 and Lyons Music.
- 2013: Standard & Poor reduced Guitar Center's debt to junk bond status.
- 2014: Ares Management acquired controlling interest in Guitar Center.
References:
- Guitar Center History (Drawn 10/1/2020)
- Wikipedia - Guitar Center (Drawn 10/1/2020)
- SEC - Guitar Center IPO (Drawn 10/1/2020)
- Funding Universe - Guitar Center (Drawn 10/1/2020)
Directory Listings:
- Phoenix Color - Musical Instruments: Guitar Center
- Pima County - Shopping: Guitar Center
- Colorado Springs Color - Music Stores: Guitar Center
- Denver Color - Music Stores: Guitar Center
- Fort Collins Color - Music: Guitar Center
- Pueblo Color - Music: Guitar Center
- Provo Utah - Music Stores: Musician's Friend
- Salt Lake Sites - Music Stores: Musician's Friend