Pinnacle founder sells remaininq stake to Bertelsmann.(News)

Steve Mason has relinquished complete ownership of his Pinnacle/Windsong empire, 20 years after founding the group.

Mason told his staff at the end of business last Thursday that he had sold his remaining 25% stake in the Orpington-based Pinnacle Group operation, which encompasses a range of companies including Pinnacle Records, Pinnacle Distribution and Windsong Exports.

In a statement issued last Friday afternoon, Bertelsmann's global media service operation Arvato--which runs all of BMG's physical distribution functions--confirmed the deal which sees it taking over the group.

In its statement, Arvato said the deal would not affect the senior management at Pinnacle/Windsong, with Steve Mason retaining a position as managing director. In addition, it added, Mason would take responsibility for Arvato's logistics facilities in Oldbury near Birmingham, which handles distribution for all BMG product, as well as third-party clients.

Mason, who will report into Arvato's headquarters in Gutersloh, Germany, says, "I look forward to optimising the cooperation of the two locations and the excellent opportunities it presents for our customers and both companies in the future."

Arvato executive board member with responsibility for the company's UK business, Rolf Buch, says, "Taking over the Windsong Holding/Pinnacle is ...