After 24 years, Sam and Ed are moving on.
Samuel B. Wenzel and Edward M. Mullin co-founded Audio Technologies Inc. in 1979 and have run ATI together since. Now both in their 60s, they have sold the audio products company to David Day, who has worked in the high-end consumer business. The purchase price was not disclosed. The deal took effect Jan. 29. The new owner will use the name ATI Group Inc.
Also new are CFO Ken Davis and Marketing Manager Linda Reed. The rest of the staff remains the same, Reed said. ATI has eight employees after the departure of Wenzel and Mullin, and is seeking to hire a few more.
The former owners remain involved as consultants, Wenzel said.
"Sam and Ed" are familiar faces at broadcast industry trade shows. The company, based in a suburb of Philadelphia, has shipped approximately 70,000 pieces of equipment, according to its Web site; its product line includes specialty amplifiers, consoles, distribution gear, switchers and monitors.
Wenzel said the decision to sell was "kind of tough, but we're getting up in years." He said the next level of growth for the company would have required a large investment, and that the time was right for the change.
Reed said ATI will exhibit at the upcoming NAB and NSCA conventions and will add new products to its lineup.