Epiris is pleased to announce that it has agreed the sale of Audiotonix, a leading manufacturer of audio mixing consoles, to Astorg, a leading European private equity firm. The transaction is anticipated to close in the first quarter of 2017, subject to regulatory approvals.
Electra Private Equity PLC (“Electra”) is expected to receive proceeds from the sale of £203 million, an uplift of £62 million or 44% and equivalent to an increase in its NAV of 133 pence per share on the valuation of the investment at 30 September 2016. This equates to a return of 4.8x original cost and an IRR of 51%, assuming completion by the end of March. Audiotonix is the global market leader in the design and manufacture of audio mixing consoles for live events and broadcast sound. Its three premium brands (Allen & Heath, Calrec and DiGiCo) support live sound for a variety of purposes such as concerts, TV broadcasting, theatre shows and major international live events.
Epiris initially invested £42 million on Electra’s behalf in the acquisition of Allen & Heath in 2013. This was followed by the acquisition of Calrec in March 2014 and a merger with DiGiCo in August of that year to form Audiotonix. Epiris had identified both Calrec and DiGiCo as add-on opportunities prior to investing in Allen & Heath. These three transactions have created a market leader with a strong growth profile.
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