Servco Pacific to acquire a majority stake in Fender Musical Instruments.

Servco Pacific, which retails automobiles and accessories, agreed to acquire a majority stake in Fender Musical Instruments, a manufacturer of various musical instruments. Financial terms were not disclosed. "Fender has enjoyed nearly a decade of sustained growth under the joint ownership of Servco and TPG Growth. We thank TPG Growth for their contribution on multiple levels, both strategic and tactical, and for their support to expand into digital products and services. On an operational level, all will remain the same; Fender will continue with the same exceptional management team who all have been instrumental in our recent growth. We look forward to extending FMIC’s long term relationship with Servco who share our core mission to support artists and players at every stage in their musical journey," Andy Mooney, Fender Musical Instruments CEO.