Hawaii privately held company Servco PACIFIC has acquired TPG Growth’s stake in Fender Musical Instruments Corporation (FMIC).

Financial details of the transaction have not been disclosed.

The acquisition will bring no operational changes as Fender’s management team will continue to run the company.

Los Angeles-based Fender is a manufacturer, marketer and distributor of musical instruments.

Under the sale and purchase agreement, Servco will secure a majority stake in the guitar maker after a 34-year partnership.

The transaction is subject to mandatory closing conditions and is expected to be completed by February 2020.

The association of the two companies dates backs to the 1950s when Servco served as a dealer of Fender’s products.

Servco also invested in the company when Bill Schultz acquired the company from CBS in 1985.

Servco chairman and CEO Mark Fukunaga said: “Servco is proud of what Fender has accomplished.

“Servco has a 100-year track record that includes stewarding iconic brands through committed, long-term partnerships that span multiple generations. We look forward to deepening our relationship with Andy and the Fender team that will prove beneficial to our community of artists around the world.”

Fender has undergone modernisation over the last few years, with the introduction of an e-commerce platform, the upgrade of channelled product innovation, and the enhancement of its manufacturing abilities.

The company also ventured into digital business by developing its Fender Play and Fender Songs apps.

The Competition and Markets Authority (CMA), the UK market regulator, recently fined Fender Europe over resale price maintenance (RPM).