French private equity fund Time for Growth has agreed to provide 10 million euros in funding to Zound Industries. Based in Stockholm, Zound Industries is an electronics company and parent to audio accessory brands Urbanears, Marshall Headphones, Coloud and Molami.
STOCKHOLM–(BUSINESS WIRE)–Paris based Time for Growth has agreed to invest €10 million in the fashionable electronics company Zound Industries. Stockholm based Zound Industries saw their most successful year so far in 2014 and the partnership will lay the ground for further expansion.
The partnership, announced on July 3rd, means that Time for Growth becomes a significant owner in Zound Industries with approximately 10% ownership. The capital of €10 million will be used to finance the launch of Zound Industries first smartphone which will take place in London on July 16th.
– Zound industries have morphed in six years into a leading international music hardware company, at the forefront of fashion and technology. We look forward to join the company on its product-anchored high growth track, and especially to accompany the pivot launch of the first music dedicated smartphone, says Henri de Bodinat, President at Time for Growth.
Zound Industries, home to successful and award winning brands such as Urbanears, Marshall Headphones, Coloud, Molami, recently partnered with the Swedish telecom operator TeliaSonera. During 2014, the company’s most successful year so far with an upturn of almost 70% from previous year, internal efforts were made to structure the company for further growth and continued profitability. The launch of the smartphone is one of the results of such efforts.
Investor Time for Growth targets fast growing European companies with the ability to extend its growth internationally, products from Zound Industries are today sold in over 20,000 stores across 95 markets and the partnership will be an important step in taking Zound Industries to a new global level.
– We are very exited to have Time Equity Partners onboard. Last year was an all time high for us, and the forecast for 2015 is showing continued growth. We are currently in our perhaps most exciting period so far, with major new product launches during the summer and fall, in addition to the smartphone project, says Pernilla Ekman, CEO at Zound Industries. Time for Growth will own approximately 10% of the company, the largest shareholders are still the founders Konrad Bergström and Kenneth Schönborg together with Varenne Investment and TeliaSonera. The technology investment bank GP Bullhound advised the transaction.
More information about Zound Industries smartphone launch will follow.
ABOUT ZOUND INDUSTRIES
Zound Industries is based in Stockholm, Sweden, with offices in New York, USA and in Shenzhen China, and is home to audio accessory brands Urbanears, Marshall Headphones, Coloud and Molami. The company was awarded the Supergasell price in December 2013 by leading Swedish newspaper Dagens Industri in recognition of its growth of almost 11 000% during a three-year period. For more information please visit; www.zoundindustries.com
ABOUT TIME FOR GROWTH
Time for Growth is a French based growth capital private equity fund specialized in digital and entertainment, created in 2009. Time for Growth has invested so far in eight European growth companies. It is led by Henri de Bodinat, a former Sony Music manager, and as such a natural partner for leading edge music hardware company Zound.