ALEXANDRIA, VA (CelebrityAccess) — Against the backdrop of the sale of vinyl records surpassing compact discs for the first time in decades, rock legends Metallica announced the acquisition of a majority stake in the vinyl pressing company Furnace.
Founded in 1996 by Eric Astor, Furnace has developed a reputation for pressing high quality vinyl records at its 70,000 square foot, state-of-the-art facility in Alexandria, Virginia.
Following the acquisition, Astor, Ali Miller (COO) and Mark Reiter (VP – Operations) will continue in their respective roles leading Furnace. Each remains an equity owner of the company and will have a seat on the company’s Board of Directors.
The deal expands on Metallica’s long-standing relationship with Furnace that saw the company produce more than five million vinyl albums for the band since 2014, including deluxe collector’s edition box sets of some of Metallica’s most memorable albums.
Along with Metallica, Furnace has produced vinyl for many major artists and labels and the company offers standard and heavyweight pressings, color vinyl, special effect color vinyl, and custom vinyl etching, as well as related services and packaging.
“Building Furnace into the dedicated and experienced family of experts that it is today has been a huge effort, but immensely gratifying” said Eric Astor, founder of Furnace. “Knowing our long-term future is secured while also being better able to take advantage of growth opportunities is really exciting for every member of the Furnace staff.” Ali Miller, Chief Operating Officer of Furnace, added, “We have found ideal partners in Metallica. They want us to continue our customer driven focus. To that end we look forward to providing even greater capacity and service to each of our customers in the future.”
“We couldn’t be more happy to take our partnership with Furnace — and Eric, Ali and Mark specifically — to the next level,” said Lars Ulrich, co-founder of Metallica. “Their indie spirit, the passion they have for their craft… culturally we’re kindred souls.”
James Hetfield, co-founder of Metallica, added, “Furnace has been great to Metallica and more importantly to our fans. This deepened relationship between Metallica and Furnace ensures that fans of vinyl everywhere, particularly our Fifth Members, will have continued access to high quality records in the future.”
Metallica was represented by its affiliated growth equity and content investing platform known as Black Squirrel Partners (“Black Squirrel”), with Kirkland & Ellis acting as counsel and Citrin Cooperman assisting with financial due diligence and tax advisory. Dunlap, Bennett & Ludwig acted as counsel to Furnace.
