Bose has officially sold its commercial-installation division, Bose Professional, to Los Angeles-headquartered private equity firm Transom Capital Group.
Framingham, Massachusetts-based Bose formally unveiled the sale of Professional today, and the latter business, which Transom is already operating as an independent company, went ahead and disclosed the news on social media as well as its website.
Under the deal – the financial terms of which haven’t been publicly revealed – Bose proper is expected to “retain its portable PA systems as part of its core consumer product business,” higher-ups noted.
Bose Professional, on the other hand, is positioned to keep on developing commercial-audio systems for public establishments as a wholly owned subsidiary of Transom, which currently possesses interests in companies including audio-equipment manufacturer Mackie and business-marketing firm BridgeTower Media, per its website. BridgeTower hosts north of 300 events annually, according to its own website.
Addressing the sale in a statement, Lila Snyder, CEO of the overarching Bose Corporation, indicated that the divestiture will enable her company “to focus more deeply on” its core consumer-driven business.
“The sale to Transom will provide Bose Professional the additional attention it needs to support the professional audio customer, and to continue to develop products and technologies that stand out in the industry,” the nearly three-year Bose head Snyder communicated in part. “It will also allow Bose to focus more deeply on our core business – creating amazing audio experiences for on-the-go, at home and in the car.”
Meanwhile, Bose Professional has updated its website to reflect the ownership change, as mentioned – relaying in an expanded “about” section that it anticipates having “more freedom to explore and innovate as an independent company.”
“We’re deepening our investment and commitment to our ever-evolving industry, responding to changing customer needs and industry trends with even greater agility,” Transom’s Bose Professional made clear. “We believe that innovation begins with exploration, and our continued focus is finding and developing leading-edge, transparent technologies.”
Bose has for some time been working to optimize costs and operations, with approximately 2,000 of the 59-year-old entity’s team members having reportedly been laid off in recent years. January of 2020 brought the closure of all Bose retail stores in North America, Europe, Japan, and Australia, and May of last year saw execs do away with Bose’s health-focused hearing aid division.