Beats Electronics LLC (Beats) is an audio brand co-founded by legendary artist and producer Dr. Dre and Interscope Geffen A&M Chairman Jimmy Iovine today announced that the Carlyle Group (NASDAQ:CG), the global alternative asset manager, has agreed to make a minority investment in Beats. Carlyle will work with the Beats Management Team to further expand the brand and build up the business both domestically and internationally. Additional terms of the transaction expected to close in the fourth quarter of 2013 have not been disclosed
Beats also announced today that it has entered into a final agreement to reclaim the minority stake in Beats held by HTC Corp. As a result, HTC will no longer have any ownership interest in Beats.
Beats Co-Founder and Chief Executive Officer Jimmy Iovine said, ‘These transactions represent the evolution of Beats’ financial strength and significant growth prospects. Carlyle is a fantastic investment partner and we’re looking forward to building the next chapter of Beats. ”
Carlyle Managing Director and Head of Consumer and Retail Sandra Horbach said, “We are confident that Beats will continue to drive innovation and growth in the market for premium audio accessories, particularly as the spread of smartphones and tablets stimulates increased consumption of digital media. Carlyle has a strong history of helping major brands expand globally, and we’re thrilled to partner with Jimmy Iovine, Dr. Dr. and their talented management and product teams ”
In 2006, Iovine and Dre set out to solve the problem of poor sound quality caused by the digital revolution combined with the proliferation of cheap earbuds bundled with MP3 players, laptops, mobile phones and other mobile devices. The solution was Beats Electronics Formally established in 2008, Beats is a Beats by Dr. Dre family of premium consumer headsets, earphones and speakers as well as the patented Beats Audio software technology. Through these offerings, Beats effectively brought the energy, emotion and excitement of playback in the recording studio to the listening experience. This has introduced a whole new generation to the possibilities of premium sound entertainment. Beats currently maintains a market share of more than 64% of the $100+ premium headphone category in North America based on data provided by the NPD Group and also reaches consumers through product partnerships including Chrysler Group automobiles, Hewlett Packard computers and monitors and HTC smartphones.
Carlyle’s investment equity will come from Carlyle Partners V, Carlyle’s $13 affiliate. Seven billion U Oh, S Fund Buyout
ABOUT BEATS ELECTRONIC LLC
Founded in 2008 as the brainchild of the legendary artist and producer Dr. Dr. and Chairman of Interscope Geffen A&M Records Jimmy Iovine, Beats Electronics is the parent company of Dr. Beats TM. Dre TM line of high-quality headphones and speakers, as well as Beats Audio TM HD sound systems The company’s mission is to build quality music experiences for all elements of the digital music ecosystem-including headphones, devices and services-so that fans can hear music the way artists intended it to sound in the studio. This includes partnerships with the computer manufacturer HP and the car manufacturer Chrysler Group. Led by CEO Jimmy Iovine and President & CEO Luke Wood, Beats Electronics is based in Santa Monica, CA. Visit http://beatsbydre for more information. Com/Com
AT THE CARLYLE GROUP
The Carlyle Group (NASDAQ:CG) is a global alternative asset manager with $180 billion of assets under management over 118 Funds and 81 Fund vehicles as of 30 June 2013. Carlyle’s aim is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle is investing across four segments-Corporate Private Equity, Real Assets, Global Market Strategies and Global Solutions-in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in a variety of industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group has more than 1,400 employees in 34 offices across six continents. Visit http://www for more information. Carlyle’s Come on,
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