In September private equity firm KKR bought Pioneer DJ, reportedly for $550 million. At the time Pioneer had been selling off non-core assets to focus on its automotive electronics business, later selling its home audio-visual business to audio equipment maker Onkyo Corp.
Today we learned that the purchase of Pioneer DJ is now complete and both firms “will jointly leverage their respective business resources, brand power and technological capability, as well as global technology and media industry investment experience and networks to together aim for the further growth of Pioneer DJ.”
There’s no word yet whether there will be any changes in Pioneer DJ’s product line or staffing, but the company’s top brass are putting the proverbial good foot forward and painting the picture of a happy future.
Pioneer President and CEO Susumu Kotani, said, “KKR has a wealth of experience in the technology and media industry globally, and we are confident it has the expertise to drive Pioneer DJ forward. Pioneer will retain 14.95% of the voting rights in Pioneer DJ, and we will work with KKR to ensure the future growth of the company.”
Hiro Hirano, Member of KKR and CEO of KKR Japan, said, “We are delighted to have successfully completed this transaction, which is the first step in a promising future for Pioneer DJ. Pioneer DJ has built a leading position in the market based on its powerful brands and excellence in matching product development to market requirements. Over the long term, by working together with Pioneer DJ’s innovative management team, employees and Pioneer, KKR can provide support for the further growth and global expansion of the company.”
Yoshiaki Ide, Pioneer DJ President and CEO, said, “With the support of KKR, Pioneer DJ is embarking on a new journey as an independent company. We aim to leverage KKR’s global network and management expertise to grow our business. As an entertainment creation company we remain committed to the development of products and services that exceed customer expectations, and through the efforts of each employee we will strive to further improve customer value.”