Livingbridge has partially exited its investment in DiGiCo Global Limited (“DiGiCo”), via a combination with Electra Partners backed Allen & Heath Limited (“Allen & Heath”) and Calrec Audio Limited (“Calrec”).
Livingbridge originally invested in DiGiCo in December 2011 in a £50m management buyout. DiGiCo designs and manufactures premium digital audio mixing consoles for live sound, theatre productions and broadcast applications as well as supplying interfacing for post-production and recording studios. Allen & Heath and Calrec operate in complementary areas of the console market.
The new group will be led by James Gordon, DiGiCo CEO. Gordon comments: “These are three great companies and all the brands currently in the group have enviable reputations for technology, audio quality, reliability and perhaps most importantly, customer focus and care. The strategy is to develop innovative new products using the creativity and experience of our combined R&D teams.”
Livingbridge has returned a 2x money multiple to its clients via this transaction and retains a minority shareholding in the new group. Adam Holloway, Partner, Livingbridge, comments: “Our investment in DiGiCo has been an excellent one and we are delighted to support the combination of three UK console businesses. This was a complex deal to pull off but we all shared the same vision from the start. The brands will each benefit from accessing an unrivalled pool of R&D resource and technology know-how. We look forward to the next phase of our investment and working alongside Electra Partners and the team.”