Electra Partners acquires Calrec
Published: MEA
WORLD: Calrec Audio has been acquired from D&M Holdings by independent private equity fund manager, Electra Partners, for £14 million (US$23 million). As a result of the deal, Calrec will become a sister company to fellow British pro audio manufacturer Allen & Heath, which Electra acquired in June 2013. Allen & Heath’s existing chairman Malcolm Miller will work with both companies.
‘When we made our initial investment in the professional audio sector by supporting the buyout of Allen & Heath, Electra provided all of the new financing to ensure flexibility in respect of further acquisitions in the sector,’ said Alex Fortescue, chief investment partner of Electra Partners. ‘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,’ added 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 Roger Henderson and his team to continue to invest in developing new products for Calrec’s customers.’
‘We are excited to be working with Electra Partners as we continue to develop our business into more international markets,’ said Calrec managing director Roger Henderson. ‘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.’
Financing for the deal was provided in full by Electra Private Equity PLC through a mixture of equity and debt. Charles Elkington, Ian Wood and Shakira Adigun-Boaye are responsible for the investment in Calrec.