Recording

Martin Audio Announces Management Buyout

The directors of Martin Audio and TC Group announce that on August 13, 2003, the management team of Martin Audio purchased the company from the TC Group. 8/15/2003 8:00 AM Eastern

The directors of Martin Audio and TC Group announce that on August 13, 2003, the management team of Martin Audio purchased the company from the TC Group. The management buyout was supported by ISIS Equity Partners plc and The Royal Bank of Scotland.

David Bissett-Powell, managing director of Martin Audio, stated: “The management of Martin Audio has long aspired to independence and are pleased that under the TC Group, we have had the opportunity to attain this goal. Having established strong links within the group, we will continue to work closely with Lab Gruppen and other group companies and expect new co-operation with TC Applied Technologies regarding digital power, processing and networking.”

The CEO of TC Group, Anders Fauerskov, said, “Since the acquisition of TGI plc by TC Martin Audio has been a well-managed and strong performer, we wish the management all the best in the future. We expect the TC Group and Martin Audio will continue working closely together on products and technologies.”

Following the transaction, TC Group will consist of Tannoy, Lab Gruppen, Goodmans Loudspeakers, TC Electronic, TC Works, TC Applied Technologies and TC Helicon.

For more, visit Martin Audio online at www.martin-audio.com.

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