Foresight powers Blackstar with GBP3.5m investment
Foresight Group has completed a growth capital investment of GBP3.5m in Blackstar Amplification, a UK-based designer and manufacturer of guitar amplifiers and effects pedals.
The invested capital will be used to restructure the company’s shareholder base and support the forthcoming launch of the ID:Series.
Having been in technical development for over two years, the ID:Series is Blackstar’s first programmable guitar amplifier range and represents the first time the company has entered the market with an entry level product accessible to all guitarists.
Keith Pacey, formerly executive chairman and chief executive of Maplin Electronics, is joining the Blackstar board as a non-executive director. He is currently non-executive chairman of greeting cards retailer, Card Factory, and Mountain Warehouse, the outdoor clothing and equipment retailer.
Darrell Connell, senior investment manager at Foresight will join the Blackstar board with immediate effect. He says: “Having worked together for over 13 years, the diverse and complementary skillset of the four Blackstar founders and their highly talented team has been the single most critical factor in the company’s success to date. We look forward to partnering with the Blackstar team at such an exciting period in the company’s history and have every confidence that the newly launched ID:Series will take the worldwide guitar amplifier market by storm.”
Ian Robinson, managing director of Blackstar, says: “This deal marks the culmination of a 12 month search for the right investor to partner with Blackstar for the next period of business development. Foresight’s credentials are second to none and they really understand what drives a brand focused business like ours. Moving forward with an innovation led product development strategy, everything is now set for us to take Blackstar to the next level.”
- Special Reports
- By Location
- By Subject
Latest Special Report
- How to set up a hedge fund