Bill Boyd joined the board of Muzak in 1996 after a long and successful career as a franchisee of the firm. The private equity sponsor, Centre Partners, had purchased Muzak from the Field Corporation in a leveraged buyout for $50MM in 1992. Centre realized that the partner company they had purchased was not growing nearly as rapidly as Boyd’s franchise and sought his assistance and leadership to implement similar growth plans for the parent company, Muzak.
In May 1997, Bill Boyd was named CEO and Chairman of the Board of Muzak and relocated to Seattle, with WA to lead the strategic evolution of this 70 year-old firm. Under Bill’s leadership, Muzak completed several add-on acquisitions and increased EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) from $8MM to over $25MM. Centre Partners sold the firm to ABRY Partners in 1998 and experienced a highly successful exit for Centre. Bill stepped down as CEO in 2001 but remained on the board until 2006. During his tenure, Muzak’s revenue increased from $80MM to over $250MM. By 2004, the EBITDA had increased to over $74MM. Bill was named the Ernst & Young Entrepreneur of the year in 2001 for his remarkable success with Muzak.
Bob Boyd joined Muzak in 1997 as Vice President in Audio Marketing which was the company’s fledgling marketing on hold division. At the time, Muzak had fewer than 5,000 clients. Bob Boyd managed the rapid expansion of the service which resulted in growth of over 80,000 clients by 2004 when he departed. In addition, Bob Boyd served as the VP/GM for the Eastern Region of the owned offices for Muzak and oversaw the growth and customer service for all Muzak clients on the east coast.
Andy Boyd joined Muzak in 2002 as a salesperson in Denver and quickly became the Rookie of the Year and one of the top salespeople in the entire organization. Andy worked in the Denver and San Francisco offices before leaving in 2004 to head up the sales expansion at Agility Recovery.