Dear Friends and Colleagues,
I am pleased to tell you that we have agreed to acquire Navarre’s music distribution company. This transaction will close at the end of May and will significantly bolster our label, artist and product roster and clout with retail. Navarre’s roster is strong in country and rock and, therefore, complements what we represent. We are retaining seven or eight of Navarre’s music staff, including their two main executives Bob Freese and Dale Libby, along with sales, sales support, and product/label managers.
We all know that the music industry as a whole has been in decline for several years, while we have been able to continue to not only weather this storm, but even grow. We have seen consolidation at the majors and at retail. The one surprising hold-out has been independent distribution. This transaction changes that and finally consolidates the two largest true independent music distributors in the country. Most importantly, this deal will solidify our future and secure everyone’s job at KOCH! I know and appreciate how much everyone loves their work at KOCH and in music. I am very pleased that we were able to make this important acquisition to ensure our long-term competitiveness and future prospects. We will be able to fund this transaction from cash reserves that are the result of our recent listing on the London Stock Exchange’s AIM market. I am grateful for the support of our parent company’s CEO Darren Throop and our new Board in London, without whom this would not have been possible.
We have invested heavily into our new distribution center and infrastructure in Port Washington, our own label KOCH Records, and our growing video division. The purchase of Navarre’s music distribution business is a strategic investment that will take us to the next level. We continue to seek out good investment opportunities and always keep in mind where we have come from and where we want to go.
With that said, let us welcome our new Navarre friends and colleagues!
Michael Koch
I am pleased to tell you that we have agreed to acquire Navarre’s music distribution company. This transaction will close at the end of May and will significantly bolster our label, artist and product roster and clout with retail. Navarre’s roster is strong in country and rock and, therefore, complements what we represent. We are retaining seven or eight of Navarre’s music staff, including their two main executives Bob Freese and Dale Libby, along with sales, sales support, and product/label managers.
We all know that the music industry as a whole has been in decline for several years, while we have been able to continue to not only weather this storm, but even grow. We have seen consolidation at the majors and at retail. The one surprising hold-out has been independent distribution. This transaction changes that and finally consolidates the two largest true independent music distributors in the country. Most importantly, this deal will solidify our future and secure everyone’s job at KOCH! I know and appreciate how much everyone loves their work at KOCH and in music. I am very pleased that we were able to make this important acquisition to ensure our long-term competitiveness and future prospects. We will be able to fund this transaction from cash reserves that are the result of our recent listing on the London Stock Exchange’s AIM market. I am grateful for the support of our parent company’s CEO Darren Throop and our new Board in London, without whom this would not have been possible.
We have invested heavily into our new distribution center and infrastructure in Port Washington, our own label KOCH Records, and our growing video division. The purchase of Navarre’s music distribution business is a strategic investment that will take us to the next level. We continue to seek out good investment opportunities and always keep in mind where we have come from and where we want to go.
With that said, let us welcome our new Navarre friends and colleagues!
Michael Koch
