Jul 1, 2002 12:00 PM
Nearly two years after selling the company to a small group of private investors, two Audio Precision Inc. founders have re-invested in the company. Founder Bruce Hofer gained a majority share and became chairman of the board. Robert Wright, founder and a principal engineer at Audio Precision, as well as Alan Miksch, CEO, have also acquired shares.
A leader in audio test and measurement for nearly two decades, Audio Precision was founded in 1984 by four engineers and managers who first met at Tektronix Inc. The decision to sell the company in September 2000 was made when one of the founders chose to retire. After the sale, Hofer stayed on as the company's temporary president and CEO. Miksch was brought on board as CEO in March 2001 to accommodate Hofer's desire to return to a more purely technical role. Hofer is an accomplished analog design engineer, the “precision” in Audio Precision, according to some.
Hofer's new role as chairman will allow him to contribute at the strategic planning level and remain technically active. He plans to devote most of his time to new product strategies and development. Hofer said that since the 2000 sale, Audio Precision has seen too much emphasis on short-term performance and too little consideration for longer-range strategic issues. “Profitability is important to any business,” said Hofer, “but we must also remain responsive to changing technologies and market conditions. Offering reliable, high-quality products at an attractive price with unrivaled customer and technical support is what made Audio Precision the market leader. We intend to grow the company based on that approach.”
Hofer relates that the response has been overwhelmingly positive as employees and reseller partners are made aware of the buy-back plans. “I am extremely happy to see Audio Precision back in the family,” Wright said. “We have the opportunity to renew the creative environment and strategic focus that made us the industry leader in the first place. It is a very positive move for the company.”
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