A UK-listed private equity firm has announced the sale of an audio mixing console maker whose equipment is used by the likes of Beyonce, Adele, Pharrell Williams and Canadian popstar Justin Bieber.
Epiris, the manager of Electra Private Equity, expects proceeds of £203m from the sale of Audiotonix to European firm Astorg.
The £203m marks an uplift of £62m, or 44 per cent, Epiris said.
Audiotonix designs and manufactures audio mixing consoles for live events and TV broadcasting. Its three main brands are Allen & Heath, Calrec and DiGiCo.
Epiris initially invested £42m on Electra’s behalf in Allen & Heath in 2013. This was then followed by the acquisition of Calrec in March 2014 and a merger with DiGiCo in August that year to firm Audiotonix.
Audiotonix’s equipment has recently been used at events including Beyonce’s Formation world tour, Adele’s 25 tour and the 2016 Rio de Janeiro Olympics.
Charles Elkington, partner at Epiris, said: “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.”