Cloud deal is sweet music

CLOUD Electronics has been acquired in a management buy-out.

The deal for the Sheffield-based company, for an undisclosed sum, was led by managing director Simon Curtis.

Those involved in the deal are picture above from left, Sue Greaves from DLA Piper; Steve Ward, of the Royal Bank of Scotland; Kevin Frisby from Ford Campbell; Nick Goulding, from hlw commercial lawyers; Simon Curtis, of Cloud Electronics; and Andrew Coates, from Strategic Corporate Finance.

Mr Curtis joined Cloud Electronics, which enables background music to be played in hotel lobbies, restaurants and shopping centres, as managing director to lead the deal.

Strategic Corporate Finance advised over the sale.

The Sheffield corporate team of lawyers DLA Piper acted as advisors to management and hlw commercial lawyers acted for the vendors.

Ford Campbell Leeds gave independent advice to the management team on the deal and its funding.

RBS provided senior debt and mezzanine funding facilities in a funding package designed to support further growth of the company.

Mr Curtis said: “Cloud Electronics was already a strong brand name nationally in the professional audio equipment market. But this is a really significant deal for the company as we plan for substantial growth in sales both at home and abroad.”

DLA Piper associate Sue Greaves said: “Cloud Electronics are a very strong UK brand in a niche market with an exciting vision for the future. We are delighted to have acted for the buyers in this MBO.”

Steve Ward from RBS and Andrew Bruce from RBS Strategic Investments Group  provided senior debt and mezzanine funding facilities in a funding package designed to support further growth of the company. 

Mr Ward said:  “Cloud Electronics is a well run business and one that has consistently performed well and this MBO is a reflection of its progress.  The deal will strengthen its position in the market place and provide new opportunities to grow the company and with the considerable knowledge and expertise in their market, I am sure that the MBO team will continue to be successful in the future.”