Group Solotech has acquired SSE Audio Group, with the company’s CEO and president Martin Tremblay describing it as “the most important transaction in Solotech’s history”.
The acquisition now positions Solotech as one of the world’s largest audiovisual and entertainment technology companies.
“We are thrilled that SSE is joining the Solotech team, especially given their well-known expertise in audio services. The transaction will enable us to definitively pursue our expansion strategy in the European market and consolidate our unique position as a global player offering full-service (360) sales, rentals and integration of audiovisual technologies,” said Tremblay.
SSE Audio founder, John Penn, will continue to head the group in the UK and the established brands of SSE Audio, Capital Sound, Wigwam and Sigma Products will be maintained.
“Our clients will continue to benefit from the excellent reputation of our brands, but over time they will also eventually have access to a broader service offering on both sides of the Atlantic, as Solotech offers a complete range of Audio Visual and Entertainment Technology services,” added Penn.
Commenting on the mutual benefits for both parties, Tremblay said: “Solotech and SSE have worked together for years. We share a passion for innovation, quality and people. I’m convinced that our association will benefit our clients. We will provide them with a broader range of even better services.”
In addition, a statement from Solotech confirmed that its shareholders (Claridge, Desjardins Capital and Investissement Québec) will reinvest in the company to enable the transaction, which ‘contributes to the achievement of its strategic objectives and its positioning as a global company’.
Pierre Boivin, chairman of Solotech’s board, believes this acquisition opens the door to significant potential growth for Solotech on a global scale. “The audiovisual industry offers excellent prospects for growth, which should increase by 4.3% per year to $53.4 billion US in 2022, compared to $43.1 billion US in 2017. Music tours should generate growth of 10% per year by 2022.* This transaction will enable us to take full advantage of opportunities that open up to us,” he concluded.
Earlier this year, SSE acquired rental firm Capital Sound, further cementing SSE’s strength in the market.
* Source: InfoComm International, 2017-2022 forecast