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Iconic Fender guitars for sale at up to $500m
By Lina Saigol, European M&A Correspondent
Financial Times; Jun 09, 2004

Thirty five years after Jimi Hendrix immortalised the Fender Stratocaster guitar by setting fire to one at the 1967 Monterey pop festival, the musical instruments company is for sale in a move that could value it at up to $500m (£272m).

Fender is understood to have appointed Goldman Sachs to look at selling the business, which is expected to be put into a competitive auction.

People familiar with the situation said proceedings were at an early stage. Interest is expected from trade and financial buyers.

Weston Presidio, the US private equity firm, backed a management buy-out of the company, led by William Schultz, chairman and chief executive of Fender, in 1985.

Fender was then owned by CBS, which bought the business for $13m in 1965 from Leo Fender, creator of the first electric guitar with a solid body.

Mr Schultz and his team had to rebuild the business as they owned only the name, the patents and parts that were left over in stock.

Initially, Fender imported its guitars from offshore manufacturers, but later set up a flagship domestic factory in Corona, California.

Fender guitars have developed iconic status around the world. The company's guitars include the legendary Stratocaster; the Telecaster, the first solid-body electric Spanish-style guitar to go into commercial production; the Precision Bass; and the Twin Reverb. In their last concert on the roof of the Apple headquarters in London's Saville Row in the film Let it Be, the Beatles' backdrop was fashioned from Fender amplifiers.

Eric Clapton had two favourite Stratocasters which he called "Brownie" and "Blackie". Kurt Cobain, lead singer of cult rock band Nirvana, was rarely seen without his Lake Placid blue or red Mustang.

Weston Presidio was founded in 1991 and manages more than $2bn in capital. It has invested in more than 70 companies in sectors including consumer, retail, industrial, media and publishing.

Goldman Sachs and Weston Presidio declined to comment.

Fender's biggest industry rival is Gibson Guitars, which makes the Les Paul model.