Reverb Music Acquires Chicago Music Exchange

Reverb Music Acquires Chicago Music Exchange

Largest Vintage Guitar Retailer in U.S. is Poised for Growth

CHICAGO, July 29 /PRNewswire/ -- Reverb Music, LLC has finalized its acquisition of Chicago Music Exchange, a retailer specializing in new/used and vintage guitars and amplifiers, in a private transaction. Following the acquisition, Chicago Music Exchange will continue to operate in the same location to preserve its successful brand and passionate community.

The acquisition combines two decades of success in the retail music business with Reverb's depth of capital, leadership experience, and online strategy. The new ownership will focus on improving the experience for the collectors, musicians and fans that make up its current customer base, and offering new opportunities for partnerships to reach new audiences.

"I'm thrilled to have met David Kalt, now the owner of Chicago Music Exchange, who is as passionate about guitars as I am and who can continue the tradition of quality and excellence that I started in 1990," said Scott Silver, former CEO of Chicago Music Exchange. "I have no doubt this will be good for our customers all over the world."

"Over the last 20 years, Chicago Music Exchange has evolved into one of the premier vintage guitar and amp stores in the country, now a must-see destination for collectors, musicians, and fans," said David Kalt, CEO Reverb Music. "We want to take it to the next level in terms of product offering, customer experience, and business channels."

"This store has played a vital role in changing the way that people buy, sell, and trade guitars, creating its own culture. I have been a customer for years in part because of the wow factor when you are inside the store. I admire Scott for creating that," said Kalt.

In this acquisition by Reverb Music comes the business and technology leadership to deliver a more efficient business. Kalt's vision includes a market making approach developed over years in the financial industry, bringing price transparency to consumers and creating markets for players and collectors in real time. Kalt added, "Our companies share similar values; we both always put our customers first and are committed to innovating to improve their experience."

About Chicago Music Exchange: Founded in 1990, its flagship store is located at 3316 N Lincoln Avenue in Chicago's Lakeview neighborhood. Chicago Music Exchange buys, sells, repairs, and trades vintage and used electric and acoustic guitars, basses, and amplifiers. The company is also a dealer for music gear and accessories, recording equipment, and new name brand instruments and amplifiers such as Fender®, Gibson®, Martin®, Taylor®, Rickenbacker®, Marshall®, Orange® and Vox® as well as boutique lines like Victoria®, Bad Cat®, Divided by 13®, Fulltone®, and many more. For more information, visit www.chicagomusicexchange.com.

About Reverb Music: Reverb Music, LLC is a holding company created by the former CEO/ co-founder of optionsXpress, Inc. (Nasdaq listed), David Kalt, dedicated to entrepreneurship in the music industry and financial support for music programs that directly benefit children.

Source: Reverb Music, LLC

CONTACT: Lou Friedmann of Reverb Media, +1-773-525-7773, lou@reverb.com

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