(Bloomberg) — HongShan Capital Group has agreed to purchase a majority stake in audio equipment maker Marshall Group AB in a deal valued at about $1.1 billion.

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The founding Marshall family will retain a greater than 20% stake within the Stockholm-based company, whose guitar amplifiers have been utilized by rock legends including Jimi Hendrix and Eric Clapton, in line with a press release Friday. The announcement confirmed an earlier Bloomberg News report that HongShan, the investment firm formerly often known as Sequoia China, was nearing a deal for Marshall.

HongShan is a enterprise capital and personal equity firm investing across technology, health care and consumer sectors. Since its foundation in 2005, it has backed greater than 1,500 firms, including Alibaba Group Holding Ltd., BYD Co. and ByteDance Ltd., its website shows.

This transaction, which is subject to regulatory approvals, will mark HongShan’s largest investment in Europe up to now. The firm manages greater than $55 billion in assets.

An audio, technology and design group, Marshall traces its roots back to 1962 within the UK, in line with its website. Its products range from amplifiers to headphones and wireless speakers. It has a presence in greater than 90 markets.

Closely held Swedish group Zound Industries acquired Marshall in 2023, while the founding Marshall family remained a shareholder. The transaction also included Natal Drums, Marshall Records and the Marshall Live Agency.

(Adds details on previous owners in final paragraph)

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