San Diego, CA-based Soundcast, the developer and manufacturer of high-performance wireless music systems has been sold to Hancock Park Associates, a private equity investment firm with offices in Los Angeles, Denver, and Houston. HPA subsequently appointed The OAC Group to manage and run Soundcast.
One of Soundcast's newer wireless audio products is its portable Melody speaker.
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.
The OAC Group, led by Oscar Ciornei, will run the Soundcast brand and manage the business. The OAC Group along with Soundcast’s existing staff will be responsible for the marketing and sales strategy, new product development, engineering, customer service/support systems, and finances.
“We are passionate to move forward as a team with Soundcast,” Ciornei said. “It’s important for our dealers and distributors to work with the same people and faces they’ve come to know and trust. HPA is a solid owner and investor committed to the long-term brand development of Soundcast that will further support our channel markets in place with the products and resources required to succeed.”
The OAC Group client successes include notable CE brands as Russound, DTS, Atlantic Technology, Soundcast, SnapAV, NEST, Konica, SpeakerCraft, Harman/Kardon, A-BUS, and others.
Oscar Ciornei The company is committed to accelerate Soundcast’s brand and product development with new products planned for CES 2016 and the International Casual Furniture & Accessories Market at new price points and strengthened features. A new wireless technology, modern design aesthetics and expanded connectivity platform plans are certain to delight every Soundcast dealer.
Ted Fourticq, principal at Hancock Park Associates said, “Soundcast’s unique outdoor leisure audio products are quite exciting to us at HPA with the heightened growth and demand for outdoor living products. We foresee a great future for Soundcast and its partners”.
The Soundcast executive leadership team is to be led by 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. Future growth plans will be announced at a later time.