|(L-R): Christian Engsted (Martin), Blake Augsburger (Harman), Jens Bjerg Sørensen (Schouw & Co.)|
Stamford, CT (December 19, 2012)—Harman Professional has entered into an agreement to acquire Danish entertainment lighting manufacturer Martin Professional (not to be confused with UK-based loudspeaker manufacturer Martin Audio) for EUR 110 million. The deal, expected to close early next year, may signal some interesting moves ahead for Harman Pro's future, coming as it does only a few months after Harman's Soundcraft debuted its Si Performer, an unusual hybrid live audio and lighting mixing console.
The acquisition does, however, mark a notable step outside of Harman's traditional comfort zone of the realm of professional and consumer audio. While there's relatively obvious opportunities to integrate Martin Professional into Harman's footprint within the live sound and installation marketplaces, the acquisition itself could be a one-off occurrence, or the first step to Harman expanding its reach into multiple markets related to—but outside of—audio.
Founded in 1987 and headquartered in Aarhus, Denmark, Martin Professional creates lighting solutions for the entertainment, architectural and commercial sectors. Recent Martin lighting installations include concerts by Lady Gaga, Lenny Kravitz and Linkin Park; special events such as the Olympics and Commonwealth Games; venues such as Wembley Arena in London; television productions such as X Factor and the MTV Music Awards, and numerous cinema, retail and infrastructure facilities.
“We look forward to welcoming the talented employees and dynamic innovations of Martin Professional to the Harman organization,” said Dinesh C. Paliwal, Chairman, President and CEO. “With the acquisition of Martin Professional, our strategy to provide system solutions to our customers will be further enhanced as we will be able to offer a full audio and lighting electronics solution for the live stage and events as well as permanent avenues and installations. We look forward to unlocking this new business potential.”
“We are excited at the prospect of a strong integrated solution incorporating Martin Professional’s products with Harman’s professional audio brands and technologies,” said Martin President Christian Engsted. “Our customers expect increasingly advanced and integrated solutions and Harman’s portfolio of technologies will enable us to drive new business opportunities.”