Close mixes with Allen & Heath

Close Brothers Growth Capital has backed the secondary management buy-out of sound mixing equipment designer Allen & Heath in a deal worth £9 million.

A&H designs and produces audio mixing consoles for professional sound engineers and has revenues of £15 million. It once built consoles for 70s proponents of prog rock Pink Floyd and inventors of guitar-smashing The Who and now supplies leading clubs such as London’s Fabric and conference centres such as in the Hilton Brighton Metropole.

The buyout team is led by Glenn Rogers, managing director since the mid-90s and the deal sees 3i successfully exit the Cornwall-based business following the original MBO in 2001. The deal comprises debt and equity, with management also providing equity and Barclays supplying working capital.

‘We were immediately attracted by CBGC’s financing package, which will enable us to continue our intended growth strategy,’ comments Rogers. ‘CBGC will become an integral part of the A&H team and we look forward to working with them to build on our reputation for quality and innovation.’

‘A&H have a well-established management team with a proven track record of technical innovation,’ purrs James Blake who led the deal for CBGC. ‘A&H’s ability to design innovative market leading products makes them an excellent investment.’

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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