Music and audio specialist acquires “legendary” software designer for £9.1m

Focusrite, a High Wycombe based music and audio products group supplying hardware and software, has announced the acquisition of Sonnox Limited, a Oxford based designer of audio processing software plug-ins for professional audio engineers.

The total cash consideration to be paid for Sonnox is £9.1m, which has approximately £2.1m of cash, and will be funded from existing facilities with HSBC and NatWest. Following the acquisition, the enlarged Group will have net debt of approximately £13m.

For the year ended March 31 2022, Sonnox’s unaudited revenue was £2.4m with profit before tax of £0.9m, and gross assets of £3m. The Board expects the acquisition to be earnings enhancing in the current financial year, excluding non-underlying transaction costs and amortisation of acquired intangibles.

Sonnox is a “well-established and acclaimed” brand in the global audio industry. Its range of award-winning processing software is used in a range of audio applications including mixing for music production, live sound, broadcast, TV & Film, and even scientific and forensics projects.

The business is wholly owned by Rod Densham, who was one of the co-founders of the Sony Oxford startup that designed the “legendary” Oxford OXF-R3 for Sony Corporation. The console was installed in major recording studios worldwide and became widely accepted as the first ‘musical’ sounding digital console.

The acquisition adds audio software to the Group’s growing portfolio, specifically complementing our existing offerings in the recording space, and is aligned with our previously communicated strategic aims of growing the core customer base, expanding into new markets, and increasing lifetime value for our customers.

Tim Carroll, chief executive officer, commented: “This is our first acquisition in the audio software market, and it is an absolute pleasure to welcome Rod and his entire team to the Focusrite Group.

“Sonnox’s products are globally recognised as best in class, making them a natural fit in our stable, and we are all excited about the opportunities and possibilities that lie ahead with the collective expertise of our combined sales and R&D teams.”

Rod Densham, founder and managing director of Sonnox, added: “Sonnox is in a strong financial position, expanding our customer base and consistently delivering profit.

“We believe that by joining Focusrite with their scale, industry expertise and range of premium brands, we can continue to grow, and deliver innovation and excellence to audio hobbyists and professionals alike. Focusrite has a proven track record of achieving this in our industry, and we are very excited to become part of their Group.”

By Matthew Neville – Correspondent, Bdaily

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