Digigram Group Agrees to Management BuyoutThe Digigram Group (Montbonnot, France) has agreed to a management buyout led by top management from Digigram and Audemat-Aztec. The management group, 1/21/2003 7:00 AM Eastern
The Digigram Group (Montbonnot, France) has agreed to a management buyout led by top management from Digigramand Audemat-Aztec. The management group, as well as venture capital company Perfectis Private Equity and the Digigram co-founders, will create a new private holding company, Audiendis, which will control three companies: Digigram, Audemat-Aztec and Digigram subsidiary InnovaSon.
Three professional audio veterans lead the management buyout: Digigram managing director Philippe Delacroix and Audemat-Aztec managers Daniel Werbrouck and Bruno Rost. Delacroix, Werbrouck and Rost will make up the new executive board of directors for Audiendis, whereby Delacroix will become managing director of Audiendis, Werbrouck as product director and Rost in charge of special duties for the board.
Digigram founders and current majority shareholders, Philippe Girard-Buttoz and Marian Marinescu, will retire from operational tasks, but will maintain a minority investment in Audiendis; Girard-Buttoz will become chairman of the Audiendis supervisory board.
"The new capital distribution won't affect the internal organization of Digigram, Audemat-Aztec or InnovaSon. Sales and distribution networks will work in the exact manner as before, so our customers and partners won't notice the difference," said Delacroix. "The advent of Audiendis will give the three companies the flexibility and autonomy that is necessary to meet objectives in their respective markets."
Audemat-Aztec was formed on January 1, 2003, in a merger between Audemat and Digigram subsidiary Aztec Radiomedia and is led by Rost as managing director.
The new board of directors should hold approximately 20% of Audiendis' shares, with Perfectis (60%) and the Digigram co-founders (20%) maintaining the rest of the shares. According to the agreement signed, Audiendis will launch a tender offer on the publicly traded remaining shares for Digigram.