SME growth investor Magenta Partners has invested in TNAG, a fast growing and disruptive seller of high-end guitars.
TNAG is a leading specialist in premium guitars which was founded in 2010 by entrepreneur Robert Montague and his son, Ben Montague. Huge online growth has led the company to focus on international and digital expansion opportunities in the underserved, fragmented, premium niche of the guitar market. TNAG has established an enviable panel of world class luthiers supplying a unique selection of hand-crafted boutique guitars and has recently established a digital exchange for the trading of pre-owned models. The business is headquartered in the UK but has recently expanded operations by acquiring a global showroom in Nashville, USA.
The investment follows Magenta’s approach of backing high growth, niche challenger businesses with strong prospects and an exceptional core team. The investment is the fifth of Magenta’s latest fund, which targets equity investments of £5m - £20m.
Tom Matthews, partner of Magenta, commented: “TNAG has an excellent heritage in the world of premium guitars and has successfully transitioned towards a digital led strategy opening up a fragmented global market opportunity to service the entire lifecycle of high-end guitars. We are very excited to be partnering up with such a passionate and knowledgeable management team to help fulfil their mission statement of being the go-to brand for premium guitar collectors and enthusiasts. We look forward to supporting Ben and the team at what we believe to be a real inflection point for future growth.”
Ben Montague, CEO of TNAG, is thrilled to be partnering up with Magenta commenting: “We are incredibly excited that Magenta is providing us with the additional firepower we need to support our growth journey. We began in 2010 as a little company with big ideas, wanting to create the ultimate customer experience when buying, playing, loving or selling your high-end guitar. It was clear from the get-go that Magenta were the perfect fit for our growth plans, sharing our passion for generating world class content merged with show stopping technology. They truly understand what we are looking to achieve from the outset and appreciate the scale of the opportunity we are targeting.”
Magenta were advised by Marc Field at Addleshaw Goddard, and Philip Quigley at Smith and Williamson. TNAG were advised by Stuart Mullins at Clarks Legal, Mark Baricos at CBiz and Sharon Bedford at James Cowper Kreston.
For further details please see:
https://thenorthamericanguitar.com