Private equity firm Bain Capital has just bought out Guitar Center (including the online retailer Musicians Friend) for $2.1 billion. Guitar Center is one of the leading retailers of musical instruments in the U.S. Stockholders will get $63.00 in cash for each share of Guitar Center common stock they own.
Private equity firms are big news in the U.K. at the moment, by offsetting any profits with overseas debts they are getting away with paying little or no taxes. A house of commons committee put it to one private equity boss that he was pay less tax than his office cleaning lady!