Calrec follows A&H into Electra’s embrace24 March 2014
Following last year’s acquisition of Cornwall-based live console and DJ equipment manufacturer Allen & Heath by Electra Partners, the private equity firm has announced it has scooped up broadcast technology specialist Calrec Audio for £14m ($23m).
In the move, A&H and Calrec become sibling companies once again, renewing a family status formed when both firms were under the ownership of D&M Holdings, alongside Denon & Marantz.
“When we made our initial investment in the professional audio sector by supporting the buyout of Allen & Heath [in a deal worth £43m], Electra provided all of the new financing to ensure flexibility with respect to further acquisitions in the sector,” said Alex Fortescue, chief investment partner of Electra Partners in a statement. “The acquisition of Calrec shows the benefits of this approach, and both companies are well-placed to accelerate growth as a result.”
“We are delighted to have funded the acquisition of Calrec,” said Charles Elkington, investment partner of Electra Partners. “Part of our investment strategy in the professional audio sector is to acquire additional businesses to create a group of market-leading professional audio brands. We look forward to working with [MD] Roger Henderson and his team to continue to invest in developing new products for Calrec’s customers.”
Celebrating its 50th anniversary this year, Calrec, which occupies a converted 19th century mill in Hebden Bridge, Yorkshire (shown), has developed a range of digital consoles relied on by many of the world’s most successful broadcasters.
“Calrec has experienced rapid growth over the past few years. We have a very healthy product portfolio, and we look forward to working alongside Electra Partners as we continue to break new technological boundaries,” added Roger Henderson.