LOUD Technologies announced Friday (November 14) the sale of its SLM Marketplace catalog and accessories distribution business and proprietary St. Louis Stage Gear brand, along with the Austin guitar and Knilling Instruments brands (“SLM Marketplace”), to St. Louis-based U.S. Band & Orchestra Supplies.
The sale includes the transfer of the exclusive worldwide sales license for the patented Perfection Peg stringed instrument tuning device. Terms of the sale were not disclosed.
“The SLM Marketplace sale, a non-core business unit and product lines, will enable LOUD to dedicate its resources and solidify its leadership positions in the musical instruments and professional audio markets,” commented Rodney Olson, President and CEO, LOUD Technologies.
“Moreover, U.S. Band & Orchestra Supplies is the ideal new owner for SLM Marketplace, Austin and Knilling, since they will ensure that our dealer network for these products will continue to receive the highest levels of service and support.”
Stated Mark Ragin, President and Owner, U.S. Band & Orchestra Supplies, ““We are all looking forward to continuing SLM Marketplace’s 105-year St. Louis tradition and to bringing our reputation for impeccable dealer service to the many new customers with whom we are about to do business.
The move comes on the heels of an ongoing LOUD Technologies restructuring plan that is expected to eliminate an estimated 90 jobs by the end of the year. (Read more here.)