30th Dec 2019 13:17
(Alliance News) - Focusrite PLC said Monday it has completed the acquisition of High Wycombe-based sound system maker Martin Audio Ltd.
The audio products firm said that following the approval by shareholders, the company has now draw down its new loan facilities and completed the acquisition of the firm.
Focusrite had announced the GBP39 million acquisition of Martin Audio on December 19.
Martin Audio, which was founded in 1971, designs, makes and distributes professional sound systems worldwide.
Focusrite also is based in High Wycombe, and following the deal Martin Audio will remain at its current site under the same leadership.
Focusrite had said it was paying GBP39.2 million for the business, using both existing cash and a new GBP40 million loan from HSBC Holdings PLC and NatWest, which is part of Royal Bank of Scotland Group PLC.
Focusrite Chief Executive Tim Carroll had said at the beginning of December: "The acquisition of Martin Audio is a clear demonstration of our strategic aim to expand into complementary new markets. Martin Audio is an established brand with solid financials that can instantly add value to the enlarged group. Just as importantly, the business is culturally aligned with our existing operations."
This is Focusrite's second major acquisition in 2019, following July's EUR18 million takeover of Pro Audio GmbH, a German studio monitor loudspeaker maker.
Focusrite shares were up 3.5% in London at 650.00 pence each on Monday.
By Loreta Juodagalvyte; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
HSBC HoldingsRBS.LFocusrite