London, UK (March 24, 2014)—Broadcast console manufacturer Calrec Audio has been purchased by Electra Partners, a private equity fund management company based in London. Calrec was acquired from D&M Holdings, for £14 million (nearly $23.1 million US) through a mixture of equity and debt. Calrec will become a sister company to Allen & Heath, which Electra acquired in June last year.
“When we made our initial investment in the professional audio sector by supporting the buyout of Allen & Heath, Electra provided all of the new financing to ensure flexibility in respect of further acquisitions in the sector,” said Alex Fortescue, chief investment partner of Electra Partners. “The acquisition of Calrec shows the benefits of this approach and both companies are well placed to accelerate growth as a result.”
The teaming of Calrec and Allen & Heath would appear to be a main objective, and A&H chairman Malcolm Miller will now work with both companies moving forward. Charles Elkington, investment partner of Electra Partners, confirmed as much in a statement that hinted Electra might not be done with pro audio acquisitions just yet: “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.”
Calrec, currently marking its 50th anniversary, remains on the move, according to managing director Roger Henderson: “We are excited to be working with Electra Partners as we continue to develop our business into more international markets,” he said. “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.”