M&A Deal Summary

Lloyds TSB Development Capital Acquires Martin Audio

On July 2, 2018, private equity firm Lloyds TSB Development Capital acquired electronics company Martin Audio from Mackie for 12M GBP

Acquisition Highlights
  • This is Lloyds TSB Development Capital’s 4th transaction in the Electronics sector.
  • This is Lloyds TSB Development Capital’s 58th largest (disclosed) transaction.
  • This is Lloyds TSB Development Capital’s 204th transaction in the United Kingdom.
Investment Fate
  • Martin Audio was sold to a publicly-traded strategic buyer in 2019 for 39M GBP.

M&A Deal Summary

Date 2018-07-02
Target Martin Audio
Sector Electronics
Buyer(s) Lloyds TSB Development Capital
Sellers(s) Mackie
Deal Type Divestiture
Deal Value 12M GBP
Advisor(s) Cattaneo Corporate Finance (Financial)
Womble Bond Dickinson (Legal)

Target

Martin Audio

High Wycombe, United Kingdom
Martin Audio Ltd. is a designer, manufacturer and distributor of loud-speaker systems for the touring and installed markets (such as theatres, stadia, cinemas, bars, and nightclubs) on a worldwide basis. Martin Audio Ltd. was founded in 1971 and is based in High Wycombe, United Kingdom.

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Buyer(S) 1

Buyer

Lloyds TSB Development Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 2.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Lloyds TSB Development Capital Ltd (LDC) is the private equity arm of Lloyds Banking Group Plc and invests in mid-market companies throughout the UK. LDC seeks high growth businesses with at least two years of profitability (greater than £1 million). The Firm looks to commit £2 to £100 million in companies generating at least £5 million in revenue. Areas of interest include cleantech/environmental, construction/property, financial services, healthcare, industrials, retail/consumer, support services, TMT and travel/leisure. Prospective transaction types includes acquisition financings, development capital, equity release, MBOs, MBIs, mergers, private placements, and secondary buy-outs. Lloyds TSB Development Capital Ltd was formed in 1981 and is based in London.


DEAL STATS #
Overall 212 of 303
Sector (Electronics) 4 of 4
Type (Divestiture) 19 of 24
Country (United Kingdom) 204 of 291
Year (2018) 9 of 15
Size (of disclosed) 58 of 69
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-29 Linley & Simpson

Horsforth, United Kingdom

Linley & Simpson is a residential lettings and sales agency. Linley & Simpson has 11 regional branches, manages a portfolio of more than 5,800 properties. Linley & Simpson was founded in 1997 and is based in Horsforth, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-04 TPN

Sutton Coldfield, United Kingdom

TPN is a palletised freight distribution network. Each of the Partner companies collects and delivers freight within their allocated postcode areas. This means that pallets can be collected from all over the country, taken to the most appropriate of our three Hubs, and cross docked to their destination vehicle. TPN was founded in 2000 and is based in Sutton Coldfield, United Kingdom.

Sell £53M

Seller(S) 1

SELLER

Mackie

Bothell, Washington, United States

Category Company
Founded 1988
Sector Electronics
DESCRIPTION

Mackie engineers, markets and distributes a wide range of professional audio and musical instrument products worldwide. Its product lines include sound reinforcement systems, analog, and digital mixers, studio products, and bass amplifiers. Loud Audio is the parent for world-recognized brands Ampeg, EAW, Mackie, and Martin Audio. Mackie was founded in 1988 and is based in Bothell, Washington.


DEAL STATS #
Overall 1 of 2
Sector (Electronics) 1 of 1
Type (Divestiture) 1 of 2
Country (United Kingdom) 1 of 1
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-15 Martin Audio

High Wycombe, United Kingdom

Martin Audio Ltd. is a designer, manufacturer and distributor of loud-speaker systems for the touring and installed markets (such as theatres, stadia, cinemas, bars, and nightclubs) on a worldwide basis. Martin Audio Ltd. was founded in 1971 and is based in High Wycombe, United Kingdom.

Buy £17M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-02 Eastern Acoustic Works

Whitinsville, Massachusetts, United States

Eastern Acoustic Works is a designer and manufacturer of a premium professional loudspeaker systems and electronics. Eastern Acoustic Works was founded in 1978 and is based in Whitinsville, Massachusetts.

Sell -