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#1
03-09-2022, 11:15 AM
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Sound United Sold To Masimo
This one passed me by until this morning. Not sure how this will work out since it doesn't appear to be a good match. At least not on paper.
OTOH maybe having access to more capital for R&D will help move some lines forward. Never liked it when Marantz dropped its line of separates and Denon has been just sort of hanging around of late. Time will tell. https://www.soundunited.com/news/sou...mo-corporation
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McIntosh MA8000; McIntosh MC1502; Canton Vento Reference 1 DC; E.A.T. E-Flat; Soundsmith Paua Mk II; Technics SL 1210 MK5; Audio Technica AT-150 MLX; Tascam BR-20; Teac X1000R; Pioneer RT-707; Oppo UDP 205; Denon DCD A-100; HP All-In-One Touchscreen Server; JRiver MC 28; Woo Audio WA6; Shure SRH 1840; SVS SB 1000; Jolida 502BRC; Jolida JD9; VPI 16.5 RCM; Wireworld Oasis 8 Speaker Cables; Audoquest Columbia 72 DBS IC's; Panamax PM-5400 (source components only) 
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#3
03-17-2022, 04:00 PM
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Anyone understanding the synergy here?
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Sonus Faber Elipsa SE | REL S/812 | Goldmund Telos 280 | EAR Yoshino 912 | Merason DAC1 | Innuos ZENith Mk3 | Clearaudio Innovation Basic + TT5 + Lyra Delos | Studer A810+A807 | Nakamichi Dragon | RDacoustic Hybrid Acoustic Diffuser
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#4
03-17-2022, 06:13 PM
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Quote:
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Main System: Amati Futura Mains Amati Homage VOX Center, Proac Response 1sc Rears, Three MC2301's for L,C,R MC 602 for the rears C 1100, MX 151, MCD 1100, MR 80 Nottingham Dais with Wave Mechanic Sumiko Palo Santos Presentation SurfacePro 3, RPi 4, ROON, WW Starlight Platinum USB, Schiit Yggdrasil, Benchmark DAC3 HGC MX 151, OppO BDP-95, JVC RS-500 DILA projector, 106" diagonal Stewart Luxus Screenwall Deluxe with Studiotek 130 G3 material. Lake House: Ohm F, MC 275V, C2300, MR 77, Rega P3 OnDeck: McIntosh MAC 4300v
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#5
03-17-2022, 06:17 PM
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Main System: Amati Futura Mains Amati Homage VOX Center, Proac Response 1sc Rears, Three MC2301's for L,C,R MC 602 for the rears C 1100, MX 151, MCD 1100, MR 80 Nottingham Dais with Wave Mechanic Sumiko Palo Santos Presentation SurfacePro 3, RPi 4, ROON, WW Starlight Platinum USB, Schiit Yggdrasil, Benchmark DAC3 HGC MX 151, OppO BDP-95, JVC RS-500 DILA projector, 106" diagonal Stewart Luxus Screenwall Deluxe with Studiotek 130 G3 material. Lake House: Ohm F, MC 275V, C2300, MR 77, Rega P3 OnDeck: McIntosh MAC 4300v
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#6
03-17-2022, 09:41 PM
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Wait a second… I first read this and thought some foreign company bought sound united… ok. Then I read the blurb! I’m in healthcare and it’s that Masimo company, I didn’t even realize it. I’m specifically used to seeing/using their products so I’m in agreement. What the heck is going on here?
Mitch
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MC501's C500P MCD500 MR88 Clearaudio Performance SE TT Clearaudio Maestro Wood MM Cartridge TAD CR-1s JL f112 Wireworld cables Bryston Bit 15 (2) Furutech Flux-50 Filters Stillpoints Ultra SS Last edited by streetspirit; 03-17-2022 at 09:44 PM.
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#7
03-17-2022, 09:48 PM
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Quote:
 Hard to believe they paid over $1BUSD for United.
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Glenn... Canton Reference 9 Clearaudio SM Pro Focal Bathys JLA 10" Dominion Kuzma Stabi S w/MC & MM Magnepan 1,7i McIntosh MA8950 & MR88 Oppo 203 Roon Nucleus Rose Hifi RS150B Shunyata Gemini-4 Sony ST-A6B, TA-F6B, ST-J75 & PS-X75 Sorane SA1.2 & TA-1L Stillpoints LP1v2 WW Pt, Au & Ag Last edited by Formerly YB-2; 03-17-2022 at 09:50 PM.
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#8
03-18-2022, 12:48 AM
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The question is, what is total revenue for all Sound United's companies/holdings?
"Masimo Reports Fourth Quarter and Full-Year 2021 Financial Results and Announces Agreement to Acquire Sound United. Fourth Quarter 2021 Highlights: Product revenue increased 11.0% to*$327.6 million, GAAP net income per diluted share was $1.18; and.Feb 15, 2022" Given the numbers above, 3X multiplier is not a surprising bid.
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#9
03-18-2022, 07:44 PM
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Those numbers are for Masimo, Q4.
Sound United (is) was privately held so we don’t know how it performed. Apart from headphones, the high end audio business is about $1Bn/yr total, all players, all in.
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Main System: Amati Futura Mains Amati Homage VOX Center, Proac Response 1sc Rears, Three MC2301's for L,C,R MC 602 for the rears C 1100, MX 151, MCD 1100, MR 80 Nottingham Dais with Wave Mechanic Sumiko Palo Santos Presentation SurfacePro 3, RPi 4, ROON, WW Starlight Platinum USB, Schiit Yggdrasil, Benchmark DAC3 HGC MX 151, OppO BDP-95, JVC RS-500 DILA projector, 106" diagonal Stewart Luxus Screenwall Deluxe with Studiotek 130 G3 material. Lake House: Ohm F, MC 275V, C2300, MR 77, Rega P3 OnDeck: McIntosh MAC 4300v Last edited by W9TR; 03-18-2022 at 08:15 PM.
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#10
03-18-2022, 08:05 PM
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Sound United Sold To Masimo
Speaking from fairly recent personal experience, a 5 multiple of EBITDA is a low price in today's M&A environment, and a 10-15 multiple not unheard of when a buyer expects big economic and/or strategic synergies. The acquisitions market for small to mid-sized companies has been very hot the last few years. If Masimo really paid $1b, Sound United may be around $100m EBITDA and around $600m revenues, assuming EBITDA of around 15%. Masimo's revenues look to be about $1.3b annually, so a $1b acquisition is a huge bite for them. No wonder investors are unhappy.
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Tony D'Agostino Momentum S250 MxV & HD pre; Linn Klimax Organik DSM, SonicTransporter, EtherRegen; Acoustic Signature Typhoon Neo, Koetsu RSP, Boulder 1108; Sf Il Cremonese; Shunyata Everest, Altaira, Sigma & Alpha v2 Last edited by Antonmb; 03-18-2022 at 08:12 PM.
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