January 24, 2025 – Marshall is one of the most recognized names in music. Over six decades, the brand has grown from a London amplifier shop into a global audio powerhouse, with products sold in more than 90 markets and revenue that has more than doubled since 2020 to approximately €400 million.

Today, we’re announcing that we have entered into a definitive agreement to acquire a majority stake in Marshall Group, valuing the company at €1.1 billion. It is HSG’s largest investment in Europe to date, and the Marshall family will retain a meaningful stake of over 20 percent.

Marshall’s roots are in guitar amplification, where it remains the definitive name. The 2023 creation of the Marshall Group, which brought the entire Marshall universe under one roof, set the company up to extend that same authenticity into consumer audio, lifestyle products, and new categories where the brand resonates as strongly as the sound. In every category it enters, Marshall carries six decades of earned credibility with it.

“Marshall is one of the world’s most iconic brands, firmly rooted in music culture. By building on this legacy, we are convinced that Marshall will strengthen its position as the go-to brand for guitarists and as the most exciting brand for music lovers globally. We are thrilled to partner with the Marshall family and the team at Marshall to write music history,” said Steve Jia, Partner at HSG.

What drew us to Marshall is the combination of an iconic brand, real commercial traction, and a clear path to accelerate. Revenue growth has been strong, the product portfolio is expanding, and the team has built genuine momentum.

“Our mission is to support Marshall in unlocking its full potential by leveraging our expertise in digital channels and supply chain optimization. We aim to help bring Marshall’s exceptional products to even more customers globally while embracing and celebrating the spirit that has defined the brand for generations,” said Taro Niggemann, Managing Director for Europe at HSG.

This investment builds on HSG’s track record in Europe, following previous investments in companies such as AMI Paris.

Jeremy de Maillard, CEO of Marshall Group, said, “This deal is a testament to our team’s dedication and exceptional talent in making our vision a reality. Together with HSG and the Marshall family, we have the perfect conditions to continue building on Marshall’s iconic status and unlocking our full potential across the world.”

Terry Marshall, who co-founded the brand over 60 years ago and remains on the board, added, “We are now over 60 years into our journey, and the pioneering sound of Marshall continues to resonate across the world. Together with HSG and our team, we can further build on our history to amplify the love for music and the Marshall brand.”

Marshall has always stood for something real: superior sound, uncompromising craftsmanship, and a deep connection to music culture. We’re proud to partner with the Marshall team and family to help unlock what comes next, strengthening the brand’s global reach while honoring the heritage that makes it irreplaceable.