Livingbridge, the mid-market private equity firm, has announced the sale of its minority stake in Audiotonix, a leading designer and manufacturer of audio mixing consoles, to Astorg.
The transaction sees Livingbridge fully exit Audiotonix after originally backing DiGiCo in 2011 in a £50m management buyout. In 2014 DiGiCo merged with two businesses owned by funds under the management of Epiris, Allen & Heath and Calrec, to create the Audiotonix Group.
Audiotonix is the global market leader in the design and manufacture of audio mixing consoles for live events and broadcast sound. Its three premium brands (Allen & Heath, Calrec and DiGiCo) support live sound for a variety of purposes such as concerts, TV broadcasting, theatre shows and major international live events.
At the time of the three-way merger, Livingbridge partially exited its investment in DiGiCo. The completion of the acquisition of the Audiotonix Group by Astorg, a European private equity firm, brings the total return for Livingbridge to 3.4x gross.
Adam Holloway, Partner at Livingbridge, said:
“We have known James Gordon and the DiGiCo team for 7 years and it has been brilliant to see the business grow organically and through the creation of Audiotonix into the global leader in audio mixing consoles. The group has leading technology and is passionate about its products, customers and end users. We wish them every future success.”
James Gordon, CEO of Audiotonix said:
“Adam and the Livingbridge team have played such an important part of the company’s growth and development. They helped us to expand the management team and put in place the strategy that resulted in us completing the merger to create Audiotonix. We will always be grateful for their commitment in supporting our aspirations.”