Soundcast is Acquired by Private Equity Firm; OAC to Run It
Soundcast announced that it has been acquired by a private equity firm called Hancock Park Associates. In addition, the OAC Group has been contracted to manage and run the company.
“We are passionate to move forward as a team with Soundcast," Oscar Ciornei, President and CEO of Soundcast and CEO of The OAC Group, said as part of the announcement. Ciornei, will serve as "President/CEO and visionary," with Leonard Santos as Chief Operating Officer and Bob Dulsky as Chief Financial Officer.
"It’s important for our dealers and distributors to work with the same people and faces they’ve come to know and trust. HPA is a solid owner and investor committed to the long-term brand development of Soundcast that will further support our channel markets in place with the products and resources required to succeed."
Industry veteran Jeremy Burkhardt reached a deal to acquire Soundcast in early 2013, but the deal fell through a few months later.
The company will bring new products to CES in January.