TIDMTUNE
RNS Number : 2199X
Focusrite PLC
19 December 2023
For release: 07.00, 19 December 2023
Focusrite plc
( " Focusrite " or " the Group")
Acquisition of Sheriff Technology Limited - a complementary
acquisition within the Audio Reproduction business
Focusrite plc (AIM: TUNE), the global music and audio products
group supplying hardware and software used by professional and
amateur musicians and the entertainment industry, is pleased to
announce the acquisition of Sheriff Technology Limited, trading as
OutBoard ("OutBoard").
The initial cash consideration of GBP2. 37 million will be
funded from internal cash resources and existing facilities. There
will also be an earn-out of up to GBP1.2 million payable in cash
based on financial performance metrics including gross profits over
a one-year period to 31(st) December 2024.
Founded in 2001 by Robin Whittaker and David Haydon, OutBoard is
a UK-based company specialising in innovative entertainment
technologies for a global client base. Operating under two
sub-brands-TiMax and OutBoard-their products are vital for
professionals in the audiovisual industry, particularly in live
performances, event management, and the rapidly expanding sector of
immersive sound experiences.
TiMax specialises in innovative immersive audio and show control
technologies through the Soundhub and Tracker D4 products, catering
for a wide range of applications including entertainment, events,
branding, themed environments, and exhibition spaces . Their
solutions are frequently used for Broadway and West End shows. We
anticipate there will be opportunities to work with other Group
brands in this space, notably Martin Audio.
Under the OutBoard brand, the business designs, manufactures and
sells industry standard rigging control products for live events,
together with enterprise-level safety test, preparation and quality
management for global rental companies and venues. Their solutions
are commonly used across international markets and feature at BST
Hyde Park concerts, again alongside Martin Audio.
By extending the Group's activities into new products and
markets, which complement its existing Audio Reproduction business,
the acquisition is strategically aligned with the Group's
previously communicated aims of growing the core customer base,
expanding into new markets, and increasing lifetime value for
customers.
For the year ended 31(st) October 2023, OutBoard's unaudited
revenue was GBP1.4 million with an EBITDA of GBP0.3 million, and
gross assets of GBP0.52 million which includes cash of GBP0.12
million. The Board expects the acquisition to be earnings enhancing
in the current financial year, excluding non-underlying transaction
costs and amortisation of acquired intangibles.
Tim Carroll, CEO of Focusrite commented:
"The acquisition of OutBoard represents another strategic
expansion within our Audio Reproduction business, enhancing our
product range and market reach. OutBoard's innovative products,
such as TiMax spatial audio and show control, align perfectly with
our mission to deliver exceptional audio experiences within live
environments. We are looking forward to integrating OutBoard's
technologies and exploring new opportunities in this segment of the
rapidly evolving audio industry."
Robin Whittaker and Dave Haydon, Founders and Directors of
OutBoard added:
"Joining forces with Focusrite marks an exciting new chapter in
OutBoard's story. We are thrilled to see our products reach new
markets and benefit from Focusrite's global presence and brand
recognition. Our commitment to innovation and quality remains
steadfast, and we look forward to contributing to the Group's
continued success."
- Ends -
Enquiries:
Focusrite plc:
Tim Carroll (CEO) +44 1494 462246
Sally McKone (CFO) +44 1494 462246
Investec Bank plc (Nominated Adviser
and Joint Broker) +44 20 7597 5970
David Flin
Edward Knight
William Brinkley
Peel Hunt LLP (Joint Broker) +44 20 7418 8900
Paul Gillam
Michael Burke
Adam Telling
Belvedere Communications +44 20 7653 8702
John West
Llew Angus
Notes to Editors
Focusrite plc is a global audio products group that develops and
markets proprietary hardware and software products. Used by audio
professionals and musicians, its solutions facilitate the
high-quality production of recorded and live sound. The Focusrite
Group trades under thirteen established brands: Focusrite,
Focusrite Pro, Novation, Ampify, ADAM Audio, Martin Audio, Optimal
Audio, Linea Research Sequential, Oberheim, Sonnox, OutBoard and
TiMax.
With a high-quality reputation and a rich heritage spanning
decades, its brands are category leaders in the music-making and
audio recording industries. Focusrite and Focusrite Pro offer audio
interfaces and other products for recording musicians, producers
and professional audio facilities. Novation and Ampify products are
used in the creation of electronic music, from synthesizers and
grooveboxes to industry-shaping controllers and inspirational
music-making apps. ADAM Audio studio monitors have earned a
worldwide reputation based on technological innovation in the field
of studio loudspeaker technology. Martin Audio designs and
manufactures performance-ready systems across the spectrum of sound
reinforcement applications. Linea designs, develops, manufactures
and sells market innovative professional audio equipment globally.
Sequential designs and manufactures high end analogue synthesizers
under the Sequential and Oberheim brands. Sonnox is a leading
designer of innovative, high-quality, award-winning audio
processing software plug-ins for professional audio engineers.
TiMax specialises in innovative immersive audio and show control
technologies. OutBoard manufactures and sells industry standard
rigging control products for live events, together with
enterprise-level safety test, preparation and quality management
for global rental companies and venues.
The Company has offices in four continents and a global customer
base with a distribution network covering approximately 240
territories.
Focusrite plc is traded on the AIM market, London Stock
Exchange.
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