Funds managed by HSG (HongShan Capital Group, formerly known as Sequoia China) have reached an agreement to acquire a majority stake in Marshall Group, valuing the company at €1.1B.
Marshall Group is an audio, tech, and design company connecting musicians and music lovers through innovation. Marshall, its flagship brand, has over 60 years of presence in music.
The deal, pending regulatory approvals, is HSG’s largest European investment and marks a new phase for Marshall.
Steve Jia, Partner at HSG, says, “Marshall is one of the world’s most iconic brands, firmly rooted in music culture. By building on this legacy, we are convinced that Marshall will strengthen its position as the go-to brand for guitarists and as the most exciting brand for music lovers globally.”
“We are thrilled to partner with the Marshall family and the team at Marshall to write music history.”
The Marshall Group will keep over 20 per cent of the company under the deal. The major selling shareholders are Altor, Telia Company, Time for Growth and Zenith VC.
Jeremy de Maillard, CEO of Marshall Group, says, “This deal is a testament to our team’s dedication and exceptional talent in making our vision a reality. Together with HSG and the Marshall family, we have the perfect conditions to continue building on Marshall’s iconic status and unlocking our full potential across the world.”
Marshall’s profitable growth trajectory
HSG will collaborate with the Marshall Group and management to support the brand’s sustainable and profitable growth.
Terry Marshall, a Board member at Marshall Group, who founded the British brand with his father in 1962, says, “We are now over 60 years into our journey, and the pioneering sound of Marshall continues to resonate across the world. Together with HSG and our team, we can further build on our history to amplify the love for music and the Marshall brand for decades to come.”
Since its formation in 2023, Marshall Group has claimed expansion and the continued offering of products for musicians and music lovers. The company’s revenue has more than doubled from 2020 to 2024, reaching approximately €400M, indicating a profitable growth trajectory.
In Q3 2024, Marshall Group’s net sales grew 15 per cent to SEK 1,118.4M, while adjusted operating profit rose to SEK 304M, resulting in an operating margin of 27.2 per cent.
Taro Niggemann, MD for Europe at HSG, adds, “Our mission is to support Marshall in unlocking its full potential by leveraging our expertise in digital channels and supply chain optimisation. We aim to help bring Marshall’s exceptional products to even more customers globally while embracing and celebrating the spirit that has defined the brand for generations.”
Martin Axhamre, CFO & Deputy CEO of Marshall Group, stated that the company has momentum and plans for the future. He added that the new ownership structure will allow for long-term investment and further acceleration.
Brief about HSG
HSG is a venture capital and private equity firm investing globally in technology, healthcare, and consumer sectors. With offices in Hong Kong, mainland China, London, Tokyo, and Singapore, it manages over $55B in assets.
Founded in 2005, HSG has supported over 1,500 companies, with more than 160 portfolio companies listed on public stock exchanges and over 140 reaching unicorn status.
Over the past two decades, HSG has developed into an integrated investment platform covering seed, venture, growth, buyout, infrastructure, and public equities investing.
The firm aims to help companies build lasting businesses while generating returns for limited partners. Companies partnering with HSG gain access to its resources, including an entrepreneurial community and industry expertise.
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