TIDMELTA
RNS Number : 9334V
Electra Private Equity PLC
03 February 2017
PRESS RELEASE
3 February 2017
Epiris announces the sale of Audiotonix
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 GBP203 million, an uplift of GBP62
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 GBP42 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.
Charles Elkington, Partner at Epiris, 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.
"The management team, under James Gordon's passionate and
insightful leadership, is exceptional and we wish them all the best
for the future."
James Gordon, CEO of Audiotonix, said:
"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."
Charles Elkington and Ian Wood are responsible for the
investment and the exit of Audiotonix. Robert W. Baird advised on
the sale with Taylor Wessing providing legal advice.
Epiris refers to Epiris Managers LLP acting on behalf of its
client Electra Private Equity PLC.
Ends
For further information please contact:
Andrew Honnor, Matthew Goodman, Matthieu Roussellier, Greenbrook
Communications +44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Epiris +44 (0)20 7306 3902
Note to Editors:
About Epiris
Epiris is a top-decile private equity fund manager*.
Epiris, together with its predecessor firms, has managed the
business and affairs of Electra Private Equity PLC, a listed
private equity investment trust, for four decades. Epiris has also
managed private equity investment programmes for pension funds,
financial institutions and family offices. During this time Epiris
has invested in excess of GBP5 billion in over 200 deals. As at 30
September 2016, the firm had funds under management of
GBP2.4 billion.
Epiris' flexible investment strategy has allowed it to invest
broadly across the private equity market, including in buyouts and
co-investments, secondaries and debt assets.
In respect of buyouts and co-investments and loan-to-own debt
investments made since 2011, Epiris has delivered a gross IRR of
37%**.
For further information please visit www.epiris.co.uk.
Issued by Epiris Managers LLP which is authorised and regulated
by the Financial Conduct Authority.
* Refers to the 2009 and 2012 investment pools comprising Buyout
& Co-investment, Secondary and Debt investments managed on
behalf of Electra Private Equity PLC; comparator data supplied by
Preqin.
** As at 30 September 2016 adjusted for subsequent investments
and realisations. Gross IRR does not reflect adjustments for
investment management and administration costs. Past performance is
no guarantee of future results.
About Astorg
Astorg is a European private equity firm with total funds under
management of over EUR4 billion. Astorg seeks to partner with
entrepreneurial management teams to acquire European companies and
create value through the provision of strategic guidance,
experienced governance and adequate capital. Astorg enjoys a
distinct entrepreneurial culture, a long-term shareholder
perspective, and a lean decision-making body enhancing its
reactivity. Though not specialized, Astorg has gathered a valuable
industry expertise in healthcare, business-to-business professional
services, and technology-based industrial companies. Astorg has
offices in London, Paris and Luxembourg, plus Senior Advisors based
in Zurich and Frankfurt.
For further information about Astorg, please visit
www.astorg.com
This information is provided by RNS
The company news service from the London Stock Exchange
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