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The management of speaker and show lighting manufacturer Martin Audio has bought out the company from Loud Audio. The capital is provided by mid-market private equity investor LDC that backed the management buyout (MBO) of Martin Audio, "with an investment of £12m for a significant stake in the company, alongside its current management team led by Managing Director Dom Harter".
In other words Private equity party buys the company, and provides incentive for management, or demands commitment from management.
The investment will enable the business to further develop its product range, improve its sales and marketing capabilities through the extension of its global distribution network and enhance its digital infrastructure through software development, the company said in a statement.
Dom Harter, Managing Director of Martin Audio, explains the rational behind the investment: "Our success to date has been underpinned by providing equipment of the utmost quality to help deliver an unforgettable listening experience to people across the globe. Being a trusted brand and operating in a growing market means the time is right for us to fast-track the growth of the business. The next phase of our journey needs a growth-focused partner like LDC and the team has demonstrated a shared vision for the business from the outset. Our focus is now on developing our product line even further, and ensuring we have a rock-solid infrastructure in place to extend our global reach and drive market share".
Troy Harris-Speid, investment director at LDC in London, added: “Martin Audio has been on a fascinating growth journey since Dom joined. The business has a world class brand, history of innovative products and a management team with the ambition to build on a solid foundation to accelerate its expansion. Our investment and support will provide a step change for the business, injecting capital into key growth areas and bringing on board additional expertise to help guide its strategy.”
As part of the deal, LDC investment directors Troy Harris-Speid and Philip Weston will join the board, alongside James Browning who will join as non-executive director.
In other words Private equity party buys the company, and provides incentive for management, or demands commitment from management.
The investment will enable the business to further develop its product range, improve its sales and marketing capabilities through the extension of its global distribution network and enhance its digital infrastructure through software development, the company said in a statement.
Dom Harter, Managing Director of Martin Audio, explains the rational behind the investment: "Our success to date has been underpinned by providing equipment of the utmost quality to help deliver an unforgettable listening experience to people across the globe. Being a trusted brand and operating in a growing market means the time is right for us to fast-track the growth of the business. The next phase of our journey needs a growth-focused partner like LDC and the team has demonstrated a shared vision for the business from the outset. Our focus is now on developing our product line even further, and ensuring we have a rock-solid infrastructure in place to extend our global reach and drive market share".
Troy Harris-Speid, investment director at LDC in London, added: “Martin Audio has been on a fascinating growth journey since Dom joined. The business has a world class brand, history of innovative products and a management team with the ambition to build on a solid foundation to accelerate its expansion. Our investment and support will provide a step change for the business, injecting capital into key growth areas and bringing on board additional expertise to help guide its strategy.”
As part of the deal, LDC investment directors Troy Harris-Speid and Philip Weston will join the board, alongside James Browning who will join as non-executive director.