The MBO team is led by Allen & Heath's managing director, Glenn Rogers, who has fronted the company since the early 1990's, along with board members Dave Jones, finance director; Bob Goleniowski, sales director; and Tony Williams, operations director. Peter Adams continues as non-executive chairman, whilst James Blake, who led the transaction for CBGC, will also join the board.
"As is common with investment companies, 3i has supported a small, growing company and made an excellent ROI. After five years and a period of substantial growth, we mutually decided it was time to move on - 3i are very happy with the results, and Allen & Heath's management team has been able to more than double our stake in the business," comments Allen & Heath's managing director, Glenn Rogers.
"From building consoles for bands such as Pink Floyd and The Who in the '70s, Allen & Heath has built a solid reputation in the live sound and DJ markets. We were immediately attracted by CBGC's financing package, which will enable us to continue our intended growth strategy, particularly in the digital arena."
The deal is funded by way of a unique form of single source financing from CBGC, comprising equity and debt, along with equity provided by the management team, who were advised by a team at the Exeter branch of Ernst & Young, with legal advice from Bond Pearce.
James Blake at CBGC commented: "Allen & Heath has a well-established management team with a proven track record of technical innovation. In Xone they have a market-leading product range chosen by the world's most discerning DJs. However, it is in mid range live digital mixing consoles under the iLive brand where we anticipate the greatest potential for growth. Allen & Heath's ability to design innovative market leading products makes them an excellent investment."
(Chris Henry)
