Audio mixing console manufacturer

Other investments

The core of our investment strategy is made up of buyouts and loan-to-own debt investments, in which we have invested £1 billion since 2011.

We have a longer track record of investing in buyouts and co-investments going back many years before 2011. We have also invested, both before and since 2011, in portfolios of secondary investments as well as performing credit assets.

Over the past 40 years we, together with our predecessor firms, have invested in excess of £5 billion in over 200 deals. This track record of investing through numerous economic cycles gives us broad and deep experience across sectors, geographies and business models.

Audio mixing console manufacturer


In 2013 Epiris acquired audio mixing console manufacturer Allen & Heath in a complex carve-out from D&M Holdings. £43 million of equity and debt was provided by funds under the management of Epiris and Allen & Heath's management.

In 2014 we acquired two further complimentary audio mixing brands; Calrec from D&M Holdings and DiGiCo from ISIS Equity Partners. These were then combined with Allen & Heath, creating one of the most dynamic groups in the professional audio industry.

In April 2015 the group was renamed Audiotonix. The individual businesses continue to operate under their existing brands.

Allen & Heath: Founded in 1969 and headquartered in Penryn, Cornwall, Allen & Heath designs and manufactures audio mixing consoles for live sound, such as concerts, theatres and houses of worship. With an experienced management team and an extensive global distribution network, the company holds a leading market position and has consistently achieved strong revenue growth for over twenty years.

Calrec: Established in 1964, Calrec designs and manufactures audio mixing consoles for use in the television and radio broadcast sector. A market leader in the UK, US and Japan, Calrec's products are primarily used for sports broadcasts and other live events. The company boasts an impressive client list of global broadcasters and outside broadcast companies, including Al Jazeera, the BBC, CBS, Gamecreek, NEP and Sky.

DiGiCo: Headquartered in Chessington, Surrey, DiGiCo designs and manufactures premium digital audio mixing consoles for live sound, theatre productions and broadcast applications as well as supplying interfacing for post-production and recording studios. The innovation and quality in DiGiCo's products means that they are used in some of the most demanding audio environments such as major international tours, the most recent World Cup and Olympics and the Grammys.

Our initial investment in the professional audio sector was the buyout of Allen & Heath in 2013. Part of our investment strategy when investing in Allen & Heath was to acquire additional businesses in the audio sector in order to create a larger group benefiting from scale economies. As global brands with reputations for innovation, quality and reliability, Audiotonix's three businesses fit perfectly into this investment thesis.

The combination of the three businesses created one of the most dynamic groups in the professional audio industry. Combining the creativity and experience of each business' R&D teams meant the development of new products could be accelerated. We preserved the distinctive brand identity and excellent customer relationships of each business and expanded the groups international footprint.

In March 2017, Audiotonix was sold to Astorg. Funds under the management of Epiris received proceeds of £203 million from the sale generating a return of 4.8x original cost and an IRR of 50%.




Audio mixing console manufacturer



Transaction type


Growth theme
Initial investment

Jun 2013


Mar 2017





Multiple of original cost


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