Yorkshire manufacturer snapped up by investment trust
AUDIO mixing console manufacturer Calrec Audio has been acquired in a £14m deal.
The Hebden Bridge-based business, which designs and manufactures audio mixing consoles for use in the television and radio broadcast sector, has been acquired by investment trust, Electra Private Equity.
Corporate lawyers at Walker Morris in Leeds advised management of Calrec Audio on its acquisition from D&M Holdings – a Japanese corporation that owns several audio and video brands.
Calrec will become a sister company to Cornwall-based audio mixing console manufacturer, Allen & Heath, which Electra acquired in June 2013. Allen & Heath’s existing Chairman Malcolm Miller will work with both companies.
Established in 1964, Calrec’s products are primarily used for sports broadcasts and other live events and is a market leader in the UK, US and Japan. Its client list includes global broadcasters such as Al Jazeera, BBC, CBS and Sky. Calrec Audio, which also exports to the USA, Canada, Mexico, Asia Pacific, Middle East and Russia, employs 150 people and has a £17m turnover.
Alex Fortescue, chief investment partner of Electra Partners said: “When we made our initial investment in the professional audio sector by supporting the buyout of Allen & Heath, Electra provided all of the new financing to ensure flexibility with respect to further acquisitions in the sector. The acquisition of Calrec shows the benefits of this approach, and both companies are well-placed to accelerate growth as a result.”
Financing for the deal was provided in full by Electra Private Equity through a mixture of equity and debt.
The Walker Morris team included John Hamer (partner) and Thomas Mieszkowski (solicitor) both from the corporate department.
Alex Fortescue, chief investment partner of Electra Partners, said:
“Our initial investment in the professional audio sector was the buyout of Allen & Heath in 2013, for which Electra provided all of the new financing to ensure flexibility in respect of further acquisitions in the sector. The acquisition of Calrec now shows the benefits of this approach and both companies are well placed to accelerate growth as a result.”
Charles Elkington, investment partner of Electra Partners, said: “We are delighted to have funded the acquisition of Calrec. Part of our investment strategy when investing in Allen & Heath was to acquire additional businesses in the audio sector in order to create a group of market leading professional audio mixing brands. We look forward to working with Roger Henderson and his team to continue to invest in developing new products for Calrec’s customers.”
Charles Elkington, Ian Wood and Shakira Adigun-Boaye are responsible for the investment in Calrec.
