One of the best-known names in high-end audio has a new owner.
Wadia Digital has been bought by Fine Sounds, the owner of Sonus Faber and Audio Research, as part of its strategy of building a stable of audiophile brands.
Fine Sounds, which is owned by Milan-based private equity fund Quadrivio, has bought 100% of True Wave, the company behind the Wadia Digital brand.
It says the purchase brings to its portfolio 'one of the most appreciated High-End Audio Digital brands while offering product extension opportunities in the Digital Lifestyle category'.
It says 'Wadia Digital will extend its reference position in the high end digital sources and digital to analogue conversion segment.
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'Through the resources provided by Fine Sounds, Wadia Digital will develop and expand the Series 1 “premium lifestyle” line with a complete product offering.'
Wadia President and CEO John Schaffer will join the Fine Sounds board, and continue to manage the brand.
The two companies believe the deal 'will deliver important benefits to Wadia's customers, partners and employees by providing opportunities for building on Fine Sounds Group's product development capabilities and financial resources.'