- According to Audio Research Corporation, good news can be announced, because with the takeover by AR Tube Audio Corporation, the future is secured.
In recent years, there has been a lot of unpleasant news surrounding the US high-end hi-fi company Audio Research Corporation, which has had to cope with many difficult situations. The company – there’s no other way to put it – had become a bit of a pawn in the game of large corporations and their castles in buying up and selling prestigious brands. And when they tried to act independently again under new management, Audio Research Corporation was caught up by the effects on the international markets of the last few months.
Audio Research Corporation in balance
The high-end hi-fi company from Maple Grove was struggling with massive liquidity problems, and bankruptcy was apparently only narrowly averted. However, the company had to take a massive step, “…filed paperwork notifying the Minnesota District Court of its entering into an Assignment for the Benefit of Creditors with Ligthhouse Management Group Inc. as the assignee,” as it says.
Ultimately, this means putting oneself in the hands of an administrator who makes all operational and financial decisions, and who has to protect the interests of the creditors.
One could therefore best compare it to a settlement, which Audio Research Corporation undertook with this step, as we reported in our report.
New management, new owner
Along with the settlement, the management of the company was also changed. The previous owner Trent Suggs lost his post and the company stated that it was under the management of the Lighthouse Management Group, but that it was already looking for new investors.
This seems to have worked out now, because Audio Research Corporation can now announce that it has a new owner.
Audio Research Corporation has been acquired by AR Tube Audio Corporation, a privately owned Delaware-based company with Valerio Cora of Acora Acoustics Corporation as a director. Audio Research will operate independently of Acora Acoustics, an Ontario-based high performance loudspeaker company.
The acquisition has already been approved by a judge following an asset purchase agreement with Lighthouse Management Group.
Private equity and venture capital investment groups are not involved in the new company, which the company said is made up of passionate audiophiles dedicated to great music reproduction.
Maple Grove to remain corporate headquarters, workforce to grow
Audio Research Corporation will remain at its current location in Maple Grove, Minnesota, the company explicitly states, and the workforce is expected to remain unchanged. In fact, the company is confident that it will even be able to grow in the future, thus increasing the number of employees.
The network of selected dealers and distributors is not to change either, another important point when it comes to stability.
This acquisition should also give the company the financial stability it needs to develop new products.
“I am delighted to be joining the fantastic team at Audio Research as they embark on a promising future. As someone whose path in the audio world was built on the foundation of Audio Research, I am deeply honoured to have the opportunity to contribute to such an innovative and forward-thinking brand. I can’t wait to work with these great people and drive Audio Research’s success to even greater heights!”Valerio Cora, CEO Audio Research Corporation
Getting to the point
It is most gratifying that Audio Research Corporation now appears to be sorting out the problems of the last few months, and can now sail into a more secure future under new leadership in calmer waters. The now announced takeover by AR Tube Audio Corporation should not only ensure that the existing employees can continue to be employed at the familiar location, but also that the distribution network, which has been tried and tested for years, will be maintained and that the company will also have the resources to develop new products. A high-end hi-fi company that has been established for decades will thus remain with us.
|THEME||AR TUBE AUDIO CORPORATION ÜBERNIMMT AUDIO RESEARCH CORPORATION|
|Audio Research Corporation|
|Manufacturer||Audio Research Corporation|
|Distribution Austria||Audio Tuning Vertriebs GmbH|
|Distribution Germany||Audio Components Vertriebs GmbH|
|More about this manufacturer at HIFI BLOG|