MOUNTAINSIDE, N.J., May 24, 2012 — National Educational Music Co., Ltd. ("NEMC") is pleased to announce it has acquired substantially all of the assets of School Musical Suppliers, Inc., also known as City Music Center, one of New Jersey's largest band and orchestra musical instrument rental companies. Terms were not disclosed.
"City Music Center has a long history of providing quality instruments and services to its customers, and we are excited to incorporate it within our nationwide affiliate network," said David Benedetto, NEMC's Chief Sales and Marketing Officer. "This transaction will provide additional support to our existing affiliates, not only providing them additional business in their territories, but also strengthening our presence in New Jersey, a state with a strong school music tradition."
City Music's President and sole shareholder, Guy Vinopal, added, "My key concern was to identify a strong company that would continue to provide excellent service to our customers. While we were courted by several companies in the industry, we were impressed by the new developments at NEMC and the way it treats its affiliate network. We could see how NEMC would provide City Music and its employees with the best environment moving forward."
NEMC's Chief Operating Officer, Ken Maehl, commented, "We will continue to market under the City Music Center name with customers seeing a whole new range of services and capabilities in the upcoming season." City Music currently operates locations in Kenilworth, NJ, and Burlington, NJ. NEMC plans to consolidate the Kenilworth location into NEMC's Mountainside, NJ, operation and will continue to operate the Burlington location. Mr. Vinopal will consult with NEMC post-transaction and remain active with City Music customers.
The City Music transaction is NEMC's first acquisition since management and MidCap Equity Partners acquired NEMC in August 2011.
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.
School Musical Suppliers, Inc. has been providing band and orchestra musical instruments for sale and for rental to educational programs primarily in New Jersey since 1932. The company also provides a full range of musical instrument repair services. For more information, visit http://www.citymusiccenter.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.
Media contacts:
National Educational Music Co., Ltd.
David Benedetto
Chief Sales and Marketing Officer
908-232-6700
MidCap Equity Partners, LLC
John D. Poppe, Jr.
Principal
212-722-5683
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