News

Dennis Bamber Sold to Guitar Center, Inc.

CHICAGO, January 31, 2007 – Fort Dearborn Advisors announced today that its client, Dennis Bamber, Inc. (d/b/a Woodwind & Brasswind) has been sold to Guitar Center, Inc. for approximately $30 million.

Headquartered in South Bend, Indiana, Dennis Bamber is a leader in selling musical instruments through both its state-of-the-art retail location and multiple internet sites. The Company sells band and orchestral instruments under the Woodwind & Brasswind brand name and rock ‘n roll “combo” instruments under the Music 123 brand. Founded in 1978, Dennis Bamber pioneered the use of catalogs to sell musical instruments and today its master catalog is considered the definitive product reference guide in the industry. The Company carries over 60,000 products and serves both the amateur and professional markets.

By purchasing Dennis Bamber, Guitar Center continues the consolidation of the highly fragmented $7.5 billion musical instrument market. Since early in the decade, Guitar Center has acquired eight companies in the musical instrument retail sales industry.

Commenting on the transaction Vito Mitria, Managing Director at Fort Dearborn Advisors, stated “We enjoyed working with the Bamber management team and shareholders on this transaction. Over nearly three decades of hard work they were able to build a brand name that attracted the attention of the Guitar Center, which was more than ten times their size at the time of the sale.”

John Waller, Senior Vice President at Fort Dearborn Advisors, said “The Bamber transaction highlights all the unique skill set that Fort Dearborn brings to our clients. Our industry-focused investment bankers, operational expertise and, most importantly, the senior team we assigned to the transaction were all instrumental in getting the deal closed quickly and at an excellent value.”

Vito Mitria, Jeff Schneiders and John Waller comprised the investment banking team Fort Dearborn assigned to the transaction.