Electra Partners is pleased to announce the acquisition of audio mixing console manufacturer Calrec from D&M Holdings, for £14 million. Financing for the deal was provided in full by Electra Private Equity PLC ("Electra") through a mixture of equity and debt. Calrec will become a sister company to Allen & Heath which Electra acquired in June 2013. Allen & Heath's existing Chairman Malcolm Miller will work with both companies.
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.
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.
This is the third investment Electra Partners has announced this year, following the £85 million investment in Hotter Shoes in January 2014 and the £83 million commitment to invest in Ogier Fiduciary Services in February 2014. In the year to 30 September 2013, Electra Partners announced record levels of investments and realisations, investing £337 million and realising £459 million on behalf of its major client Electra Private Equity PLC.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
For further information please contact:
For Alex Fortescue or Charles Elkington:
Andrew Honnor or Matthieu Roussellier, Greenbrook Communications +44 (0)20 7952 2000
Andrew Kenny or Nicholas Board, Electra Partners +44 (0)20 7306 3902
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years' experience in the mid-market buyout sector. During the last 25 years it has invested in excess of £4.1 billion in over 150 deals. As at 30 September 2013, the firm had funds under management of over £1.5 billion including available investment capacity of more than £450 million.
Electra Partners' flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.
The firm's major client is Electra Private Equity PLC ("Electra"), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 30 September 2013, Electra has seen diluted NAV per share growth of 279% compared to a 140% increase in the FTSE All-Share.
For further information please visit www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.