Epiris has agreed the sale of Audiotonix, a leading manufacturer of audio mixing consoles, to Astorg, a private equity firm.
The transaction is anticipated to close in the first quarter , subject to regulatory approvals.
Electra Private Equity said it expected to receive proceeds from the sale of £203m, an uplift of £62m or 44% and equivalent to an increase in its NAV of 133 pence per share on the valuation of the investment at 30 September.
This equates to a return of 4.8x original cost and an IRR of 51%, assuming completion by the end of March.
Epiris initially invested £42m on Electra’s behalf in the acquisition of Allen & Heath in 2013.
This was followed by the acquisition of Calrec in March 2014 and a merger with DiGiCo in August of that year to form Audiotonix.
Epiris had identified both Calrec and DiGiCo as add-on opportunities prior to investing in Allen & Heath.
Electra said these three transactions had created a market leader with a strong growth profile.
Story provided by StockMarketWire.com