Soundcast, manufacturer of wireless music systems announced this month the sale of the company to a private equity investment firm, Hancock Park Associates (HPA). The firm also appointed consulting company The OAC Group to manage Soundcast, making them responsible for marketing and sales strategy, new product development, engineering, customer service/support systems and finances.
The OAC Group has previously worked with other CE brands such as Russound, DTS, Atlantic Technology, SnapAV, NEST, Konica, SpeakerCraft, Harman/Kardon, A-BUS and others.
The Soundcast executive leadership team is to be led by Oscar Ciornei as president/CEO and visionary, Leonard Santos as chief operating officer and Bob Dulsky as chief financial officer. The business offices, accounting and warehousing will remain in San Diego, Calif.
The new owner, Hancock Park Associates (HPA) was founded in 1986. HPA seeks companies with lengthy operating histories in mature industries gravitating toward specialty retailing and niche manufacturing where the firm has significant experience and success. They are long-term investors focused on building a long-term value and growing businesses. Retail brands grown under the HPA portfolio include Charming Charlie, Leslie Pools & Spas, Gordon Biersch Restaurants and Brown Jordan Furniture.