Partner Article

Epiris continues disposal streak with £203m sale of audio mixing business

Private equity firm Epiris has announced the sale of another of its businesses after it has agreed to sell Audiotonix to a European private equity firm.

The sale of the audio mixing console manufacturer to Astorg, which will see Electra Private Equity receive proceeds of £203m, is expected to close in the first quarter of 2017.

Spread across its Allen & Heath, Calrec and DiGiCo brands, Audiotonix has established itself as one of the biggest players in the global mixing console market, with Epiris overseeing an acquisitions and merger strategy since making an initial £42m investment in Allen & Heath back in 2013.

In a statement to the stock exchange this morning, Epiris Partne, Charles Elkington, said: “This has been a fantastic deal for Epiris and its investors, and clearly demonstrates our strategy in action.

“Through structured investment across three valuable brands we have created a global market leader with strong growth prospects. When we made the initial investment we had a clear strategy based on M&A, operational improvement and strategic focus.

“We have delivered this with two add-on acquisitions, a reorganised supply chain, and successful investment in sales and marketing as well as new product development. As a result the business has more than quadrupled earnings since 2013.”

James Gordon, Chief Executive Officer at Audiotonix, commented: “Epiris have been an extremely supportive and engaged partner. Their vision and leadership in combining the three businesses and subsequent contribution to the evolution of the group has been invaluable.

“We now have a solid foundation from which to push into the next stage of our development.”

The exit from Audiotonix follows its disposal of insurance broker Davies Group for £90m on Monday and the £106m sale of Cumbria’s Innovia Group, which manufactures the new plastic £5 notes, back in December.

Robert W. Baird advised on the sale with Taylor Wessing providing legal advice.

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