MOUNTAINSIDE, N.J., Aug. 19, 2011 — MidCap Equity Partners, LLC ("MidCap"), in conjunction with management, today announced the acquisition of National Educational Music Co., Ltd. ("NEMC"), one of the largest band and orchestra musical instrument rental companies in the United States.
NEMC's founder and President, Raymond Benedetto, said, "I could not be happier. Having founded this company over fifty years ago and taking into account its strong history, it was very important to me that we find the right partner to continue providing the same quality and excellent service to our customers. I am convinced we have found a financial partner who will embrace management's plans to enhance our innovative solutions for affiliated independent music retailers and consumers, while maintaining NEMC's rich heritage."
MidCap's co-founder, John Poppe Jr., said, "This is our first acquisition in the musical instrument space and provides a strong entrance into this unique industry. We are very excited to partner with NEMC's management team and expand on the company's excellent reputation and market presence."
In addition to certain NEMC executives increasing their equity ownership, management will remain in place as part of this transaction. The company will continue to be headquartered in Mountainside, NJ.
National Educational Music Co., Ltd. is a leading provider of band and orchestra musical instruments primarily for use in educational programs. The company provides instruments for sale and for rental throughout the United States. For more information, visit http://www.nemc.com.
MidCap Equity Partners, LLC is a New York City-based firm specializing in partnering with talented management teams to acquire middle-market companies. MidCap tailors its unique combination of operational, strategic and financial resources with management's vision to obtain optimal results. For more information, please visit http://www.midcapequity.com.
Contacts:
National Educational Music Co., Ltd.
Raymond Benedetto
President
973-232-6700
MidCap Equity Partners, LLC
John D. Poppe, Jr.
Partner
212-722-5683
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