The in Wednesday’s Financial Times of London simply said: “Business for Sale: Professional Audio Recording Equipment.” There were details on the 11 acres, the 150 employees, the circa $14 million in annual revenue—everything but the name. But for those who pay attention to our industry it was immediately obvious. Solid State Logic was for sale.
Founded in 1969, SSL was later purchased by Carlton, then I3, the current owners. While speculation abounds on whether an audio company or an outsider might purchase the assets, SSL had the following to say in an official release:
Following a dispute between stakeholders over development funding, the shareholders of Solid State Logic Holdings Limited have agreed to offer the Company and its Subsidiaries for sale.
The current status, therefore, is that the business is being offered for sale. A number of expressions of interest have been received and the goal is to conclude a sale before March 31, 2005.
Grant Thornton UK LLP have been retained as professional advisers by the shareholders of the Group to assist and advise them on the sale of all the share capital of the Group.
A confidential Information Memorandum is being issued to a restricted number of potential purchasers. This document is otherwise confidential at this time.
Both the quality of our products and their rate of development have never been better. The shareholders have been pleased with new revenues built through diversification and new investment to boost this activity had been under discussion. Existing shareholders may well re-bid for the business under a new financial structure.
The Group continues to trade as normal and benefit from the growing popularity of its new products and expanded markets. The C100 Digital Broadcast Console is showing excellent year-on-year gains, and the AWS 900 Analogue Workstation System is the fastest-selling music console ever produced by SSL. SSL's clients can continue to expect the company's usual benchmark quality products and support.
For more information on Solid State Logic’s history and products, visit www.solid-state-logic.com.