Located in a converted 19th century mill in Hebden Bridge, West Yorkshire, Calrec is close to the UK motorway network and only 30 miles from Manchester airport.
Electra Partners, an independent private equity fund manager with more than 25 years' experience in the mid-market based in London, announces the acquisition of UK-based broadcast audio mixing console manufacturer Calrec from D&M Holdings for £14 million, or approximately $23 million U.S. Financing for the deal was provided in full by Electra Private Equity PLC ("Electra") through a mixture of equity and debt. Calrec will become a sister company to Allen & Heath, which Electra acquired in June 2013. Allen & Heath's existing chairman Malcolm Miller will work with both companies.
Established in 1964, Calrec designs and manufactures audio mixing consoles for use in the television and radio broadcast sector. A market leader in the UK, U.S. and Japan, Calrec's products are primarily used for sports broadcasts and other live events. The company's client list of global broadcasters and outside broadcast companies includes Al Jazeera, the BBC, CBS, Gamecreek, NEP and Sky.
Charles Elkington, Ian Wood and Shakira Adigun-Boaye are responsible for the investment in Calrec.
“We are excited to be working with Electra Partners as we continue to develop our business into more international markets,” says Calrec Managing Director Roger Henderson. “Calrec has experienced rapid growth over the last 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."
"Our initial investment in the professional audio sector was the buyout of Allen & Heath in 2013, for which Electra provided all of the new financing to ensure flexibility in respect of further acquisitions in the sector," says Alex Fortescue, chief investment partner of Electra Partners. "The acquisition of Calrec now 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," says Charles Elkington, investment partner of Electra Partners. "Part of our investment strategy when investing in Allen & Heath was to acquire additional businesses in the audio sector in order to create a group of market leading professional audio mixing brands. We look forward to working with Roger Henderson and his team to continue to invest in developing new products for Calrec's customers."