Origins The company began as "Fender's Radio Service" in late 1938, in
Fullerton, California. As a qualified
electronics technician, Leo Fender had repaired radios, phonographs, home audio amplifiers, public address systems and musical
instrument amplifiers. He became intrigued by design flaws in contemporary musical instrument amplifiers and began building amplifiers based on his own designs or modifications to existing designs. Following the success of the Telecaster, Fender debuted the world's first
electric bass, the
Precision Bass, in 1951, alongside the first-ever bass amp, the
Bassman. As Fender later explained, "In 1964 Leo found himself with 17 buildings, about 600 employees, and a back order of $9 million in guitars and amps. The overwhelming demands of the company coupled with his often debilitating illness forced him to sell the company to CBS in 1965." Fender's "CBS-era" saw several notable changes implemented, such as a redesigned oversized
headstock (1965), bound fretboards with block inlays (1966), and a three-bolt neck joint (1971). Guitar and amplifier production, which had increased 30% in CBS's first year, soon increased another 45%. After selling his namesake company, Leo Fender founded
Music Man in 1975, and
G&L Musical Instruments in 1979, both of which manufacture electric guitars and basses based on his earlier designs.
After CBS In 1985, Bill Schultz and a group of investors—including company employees and external companies like Servco Pacific Capitol—purchased Fender from CBS for $12.5 million and renamed it "Fender Musical Instruments Corporation" (FMIC). However, the sale did not include many of the company's patents or the old Fullerton factory, leading to the cessation of U.S. operations that same year. and the Ensenada plant took over as Fender's primary export line. Ownership changed in December 2001, when private equity firm
Weston Presidio bought a controlling stake in Fender for $57.8 million. == Players ==