Mirus Advises Verne Q. Powell Flutes, Inc. in Sale to Buffet Crampon

Mirus Capital Advisors announced that Verne Q. Powell Flutes, Inc., a world-renowned manufacturer of professional and conservatory flutes and piccolos since 1927, has been acquired by Buffet Crampon, a European manufacturer of woodwind and brass instruments and a portfolio company of Fondations Capital.  Mirus originated the transaction and served as exclusive financial advisor to the owner of Powell Flutes.

Powell manufactures world-famous handcrafted flutes and piccolos for professional and conservatory musicians.  Since its founding in 1927, Powell has set the standard for flutes and piccolos that uniquely combine expertise in jewelry craftsmanship with professional flute performance experience.  Known for the distinctive and unique “Powell Sound”, the company’s flutes and piccolos have long been recognized as the instruments of choice for world-class professional flutists who value Powell flutes’ suppleness, flexibility, and color.  Today, Powell instruments are played by leading classical, jazz and rock musicians worldwide.

The Buffet Crampon Group is the global leader in the professional wind instrument market and the second-largest manufacturer of wind instruments worldwide.  Its acquisition of Powell Flutes continues Buffet Crampon’s strategy of acquiring historical and significant wind instrument brands, completes the industrial footprint of Buffet Crampon by adding a production facility using US dollars as currency, and reinforces its presence in the strategic markets of North America and Japan.  “The link with Powell is strong as there are many similarities between our two companies,” said Buffet Crampon CEO Jérôme Perrod. “An exceptional signature sound of Buffet Crampon and Powell, both instantly recognizable, rooted in successive generations of instrument makers who share the love of their craft… A family spirit alongside musicians from the world’s best orchestras… The strong and direct partnership with music instrument dealers all over the world.”  With the Powell acquisition, Perrod said, “Buffet Crampon continues its pursuit of excellence and reinforces its position as the number one worldwide wind instrument manufacturer in the professional segment.”

Buffet Crampon and Powell present an excellent strategic fit.  Steven Wasser, owner of Powell for the last 30 years, commented, “I’ve played a Buffet clarinet for the last 50 years.  Buffet Crampon is positioned in the professional end of the wind instrument market, and lacked only flutes, so it was a natural fit.  Their commitment to run Powell on a stand-alone basis and retain all Powell employees was an important factor in my decision to sell to them.”

“Mirus did excellent work representing Powell in this process.  Powell is a unique corporate asset, and timing the transaction to match the timing of strategic buyers’ interest was vital to a successful outcome,” said Mr. Wasser.  “Mirus was very helpful and patient in facilitating the transaction.  They were superb in assisting with the very thorough due diligence process Buffet Crampon’s advisors conducted.”

“We identified Buffet Crampon as a logical strategic acquirer for Powell Flutes due to the two companies’ shared traditions of craftsmanship, commitments to quality, and reputations for innovation,” said Mirus investment bankers Peter Alternative and Andrew Crain.  “We are pleased that Powell is positioned for further growth and continued success within the Buffet Crampon family, and we are especially pleased to assist Steven Wasser in achieving liquidity for the value he and his team built during Steven’s three decades of ownership.”

ABOUT MIRUS CAPITAL ADVISORS

Founded in 1987, Mirus Capital Advisors is a middle-market investment bank that specializes in merger advisory, capital-raising services, fairness opinions and valuations to entrepreneurs, corporations and professional investors in consumer products, manufacturing, business services, technology, health care and resort & hospitality industries.  By combining a proven process, industry & transactional expertise, and personalized service, Mirus has completed hundreds of transactions for both public and private companies.  Our affiliate Mirus Securities, Inc. is a registered broker-dealer and FINRA member.  For additional information, visit www.merger.com.