As it continues its diversification efforts, Emmis Communications has announced it has purchased the sound masking business of Lencore Acoustics Corporation for $75 million.
Emmis will add all 33 employees at Lencore’s Woodbury NY office with the acquisition. The company focuses on making sound masking solutions for office and commercial venues.
Emmis Communications Corporation (Nasdaq: EMMS) today announced the acquisition of the sound masking business of Lencore Acoustics Corporation, the world leader in high-quality sound masking solutions for offices and other commercial applications.
Based in Long Island (Woodbury), New York, Lencore has 33 employees who will become Emmis employees, including the sound masking business’ leadership team. The offices will remain in Long Island New York.
“Today’s announcement is the product of a long process, looking for the right place to infuse the Emmis hallmarks of sales and marketing excellence,” said Jeff Smulyan, Chairman & CEO of Emmis. “Emmis’ experience in building best-in-class operations, coupled with its unique people-first culture is the perfect fit to complement the talented Lencore team, and will give them the resources and support necessary to grow the business. We believe that the continued move toward open-concept offices makes effective sound masking solutions more and more important. We’re excited about where this business can go.”
Sound masking technology introduces barely perceptible background sound into a space to make environments more comfortable, ensure speech privacy, and increase workplace productivity. Lencore dominates large enterprise professional and Fortune 500 markets. Lenore does business in nearly every U.S. state, and Europe (London).
“I couldn’t be more pleased with today’s announcement,” said Lencore President Jonathan S. Leonard. “I have been involved in the sound masking industry for more than 30 years with a single professional quest to build the very best sound masking products with the very best people. I believe that Jeff Smulyan and the Emmis team will continue with this quest to build a robust business and take Lencore to places I have dreamed. This is an exciting time for the entire Lencore team and the sound masking industry.”
The acquisition closed on Tuesday, March 10.
Emmis Communications Corporation (Nasdaq: EMMS) currently owns 4 FM and 2 AM radio stations in New York and Indianapolis, as well as Indianapolis Monthly magazine. Emmis also owns a controlling interest in Digonex, which provides dynamic pricing solutions across multiple industries, and Lencore, the world leader in high-quality sound masking solutions for offices and other commercial applications.
