News Announcement
After
leading Audio Research for 38 years, founder and President William Z. Johnson is stepping
back from his ownership role at the company in order to release himself from ongoing operations.
He will continue with the company as Honorary Chairman and will contribute circuit designs for
future products. On January 25, 2008 the purchase of Audio Research was concluded by
Quadrivio SGR, a private-equity firm, with the participation of current Audio Research
management.
All key personnel will remain with the company, with some realignment of responsibilities. Terry
Dorn, a 22-year veteran with the company, will serve as President. Gerald Oxborough, 23 years
with the company, will serve as Chief Financial Officer. Ralph Fetter, 16 years, continues as V.P.
of Manufacturing. David Gordon, 14 years, will serve as Managing Director, Sales. And Ward
Fiebiger, 25 years, will serve as Managing Director, Engineering and supervisor of product
design.
The product line will remain unchanged, with the addition of new models. Nothing will change in
the manufacturing process, all models will continue to be produced by hand in Audio Research's
Minnesota facility. The company will continue to rely upon its carefully chosen network of talented
and experienced independent retailers and independent importing distributors. The company's
commitment to the highest quality music reproduction will live on. Audio Research will now have
ready access to additional capital resources for product development and company infrastructure
which will enhance our ability to provide superior products and services to our valued partners.
Quadrivio SGR is a private-equity firm based in Italy. Quadrivio has already established itself as
a progressive, quality-focused investor with holdings in a variety of industries, including
manufacturing and high-end audio. Their current holdings include the prestigious Italian
loudspeaker brand Sonus Faber. Audio Research and Sonus Faber will continue to operate
independently with no overlap.
Our customers - distributors, retailers and consumers - will notice little difference in their
dealings with Audio Research. Our commitment to High Definition® music reproduction,
customer satisfaction and ongoing support for new and older products remains as firm as ever.
This is an exciting moment for Audio Research, in which past and present achievements will have
assurance of continuity in years ahead for music lovers world-wide. The future has been secured
for a respected and treasured brand, with ownership that respects and believes in music
reproduction enjoyed at the highest level.
We sincerely hope that you will join us as we explore the future of music reproduction together!
Sincerely,
Terry Dorn, President