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Legendary saxophone maker Selmer to sell majority stake to fund

Reuters  |  PARIS 

(Reuters) - The said on Wednesday it would sell a majority stake to an investment fund, ending more than 130 years of family control over the firm.

Founded in 1885, the company has remained in the family's hands since then, but some of its 55 shareholders have decided to sell out to investment fund Argos Soditic, it said in a statement.

The company, which has a staff of 500 and booked revenues of 35 million euros ($41.90 million)in 2017, said bringing in the fund as a shareholder would help it tap into growing demand in the face of growing competition.

Though it also makes clarinets, bassoons and trumpets, the company is best known for played by jazz legends like John Coltrane, Stan Getz, Sonny Rollins, and

Selmer's Mark VI tenors were in particular the saxophone of choice for many of the jazz greats from the 1950s and 1960s and vintage instruments remain in high demand and fetch equally high prices.

($1 = 0.8354 euros)

(Reporting by Leigh Thomas; editing by John Irish)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 10 2018. 22:15 IST