“We are incredibly excited that Magenta is providing us with the additional firepower we need to support our growth journey. We began in 2010 as a little company with big ideas, wanting to create the ultimate customer experience when buying, playing, loving or selling your high-end guitar. It was clear from the get-go that Magenta were the perfect fit for our growth plans, sharing our passion for generating world class content merged with show stopping technology. They truly understand what we are looking to achieve from the outset and appreciate the scale of the opportunity we are targeting.”

 Ben Montague – CEO, TNAG

TNAG

Date Invested: December 2020

Sector: E-Commerce

Geography: UK / USA

Website: https://thenorthamericanguitar.com

Deal Team: Tom Matthews, Max Hallam

TNAG is a leading specialist in premium guitars which was founded in 2010 by entrepreneur Robert Montague and his son, Ben Montague. Huge online growth has led the company to focus on international and digital expansion opportunities in the underserved, fragmented, premium niche of the guitar market. TNAG has established an enviable panel of world class luthiers supplying a unique selection of hand-crafted boutique guitars and has recently established a digital exchange for the trading of pre-owned models. The business is headquartered in the UK but has recently expanded operations by acquiring a global showroom in Nashville, USA.

The investment follows Magenta’s approach of backing high growth, niche challenger businesses with strong prospects.  The investment is the fifth of Magenta’s latest fund, which targets equity investments of £5m - £20m.