Livingstone has sold Livingbridge portfolio company Martin Audio to US-based LOUD Technologies, in a deal worth £17.25m. High Wycombe based Martin Audio is a leading manufacturer of loudspeaker systems for the professional audio markets. The business was founded in 1971 to supply world class touring systems for the supergroups of the day that included Pink Floyd and Supertramp. Today, Martin Audio enjoys an international reputation for supplying high quality systems that meet the requirements of every professional audio market sector. Users of Martin Audio systems have included Kylie Minogue, Take That, The Killers, Chris Rea, The Ministry of Sound and the hit musical Sinatra.
The business was backed by Livingbridge in a buy-out from former parent company, TC Group A/S. Since then, the business has consistently delivered profitable growth and exceeded the financial targets set by the shareholders. Operating profit has more than doubled in the period. The business has sales of £15m, employs around 60 people and works closely with more than 40 dedicated distributors, serving countries throughout Europe, the Far East, the USA, Australia and other growing markets around the world.
David Bissett-Powell, Managing Director of Martin Audio, commented “Our partnership with Livingbridge has been a great success, and has assisted the Martin Audio team in over-achieving the objectives that we set ourselves at the time of the buy-out. However, we recognise that we need to have access to a wider base of technologies and, for this reason, have been looking at potential partners for some time. By becoming part of LOUD, we immediately have access to further resources, both technical and financial, to assist our team in reaching its next set of goals.”
Simon Cope-Thompson, Partner at Livingstone London, comments: “Martin Audio is a highly successful pro-audio business with a global brand and a highly motivated management team, which will fit well with LOUD’s strategy, both from the perspective of their international strategy and their appetite to grow by acquisitions, backed by Sun Capital. The disposal of Martin Audio represents another successful cross-border sale by Livingstone.”