HSG to ‘turn up the volume’ at Marshall, as deal gives Altor, Telia, Time for Growth, and Zenith VC an exit.

  • HongShan Capital Group (HSG), the former APAC arm of venture capital (VC) heavyweight Sequoia Capital, has spent €1.1bn ($1.2bn) to acquire a majority stake in speaker giant Marshall Group.

  • The iconic speaker brand was acquired by Swedish audio tech firm Zound in 2023. The two firms had a 13-year licensing agreement producing Bluetooth speakers and headphones.

  • Sequoia split off its Southeast Asia business (Peak XV Partners) and China arm (HSG) in June 2023 after it had become ‘increasingly complex to run a decentralized global investment business,’ according to the FT. HSG has an AUM of $55bn.

  • The €1.1bn investment is HSG’s largest in Europe. The Hong Kong-based VC firm participated in Monzo’s $430mn series I round last year and committed to biotech company Normunity’s $75mn series B round earlier this month, according to Preqin data.

January 27, 2025 (Preqin News) – The Marshall Group was born out of a merger between Zound and Marshall Amplification after a 13-year collaboration producing Bluetooth audio equipment.

Zound was founded in 2008 and received $18.6mn in seed funding two years later from Swedish single-family office Backstage Ventures and private equity firm Varenne Investment, according to Preqin data. Backstage has previously invested in Swedish buy-now-pay-later company Klarna, 3D scanning app Volumental, and VC manager True Global Ventures.

In 2015, French private equity firm Time for Growth invested €10mn ($10.5mn) for a 10% stake – valuing the company at €100mn ($105.1mn), according to GP Bullhound, who advised on the transaction.

After Zound’s acquisition of Marshall Amplification, Nordic private equity firm Altor took a ‘significant minority stake’ in The Marshall Group, impressed by ‘its unrivaled market reputation, iconic brand, and strong management team.’

Altor divested its 9.6% share in Zound, valued at $105mn, in the latest deal. Nordic telecoms giant Telia, French private equity firm Time for Growth, and Zenith VC have also sold their stakes.

The Marshall family will retain a 20% stake in the company, as they look to ‘turn up the volume’ and ‘amplify the love for music and the Marshall brand for decades to come.’

The opinions and facts included within the above do not constitute investment advice. Professional advice should be sought before making any investment or other decisions. Preqin providing the information in this content accepts no liability for any decisions taken in relation to the above.