M&A Deal Summary

PAI Partners and Ardian Acquire Audiotonix

On April 23, 2024, private equity firms PAI Partners and Ardian acquired electronics company Audiotonix from Ardian and Astorg Partners

Acquisition Highlights
  • This is PAI Partners’ 1st and Ardian’s 6th transaction in the Electronics sector.
  • This is PAI Partners’ 15th and Ardian’s 26th transaction in the United Kingdom.

M&A Deal Summary
Date 2024-04-23
Target Audiotonix
Sector Electronics
Buyer(s) PAI Partners
Ardian
Sellers(s) Ardian
Astorg Partners
Deal Type Secondary Buyout
Advisor(s) Liberty Corporate Finance
PwC Corporate Finance LLC (Financial)
Macfarlanes (Legal)

Target

Audiotonix

Chessington, United Kingdom
Audiotonix designs, engineerings, and manufactures professional audio mixing consoles, production software, and ancillary products. With pioneering solutions from premium audio brands Allen & Heath, Calrec, DiGiCo, DiGiGrid, Fourier Audio, Harrison, KLANG: technologies, Slate Digital, Solid State Logic, sonible, and Sound Devices, its products are used extensively in live sound, broadcast, theatre production, installations, houses of worship, TV and film production, music creation and recording studios. Audiotonix is based in Chessington, United Kingdom.

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Buyer(S) 2

Buyer

PAI Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.

DEAL STATS #
Overall 91 of 92
Sector (Electronics) 1 of 1
Type (Secondary Buyout) 45 of 46
Country (United Kingdom) 15 of 15
Year (2024) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-18 Beautynova

Milan, Italy

Beautynova is a producer of hair care products with a modern research laboratory for the formulation of innovative professional products for the hairdressing industry. High-quality products and a global assistance service covering all stages of product development, production, and distribution have made Pool Service the supplier of choice for numerous international customers of the highest standing. Beautynova is based in Milan, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-27 M Group Services

Stevenage, United Kingdom

M Group Services is a service provider to the regulated infrastructure markets in the UK and Ireland through its utilities, transport, telecom, and data divisions. The Company operates through its subsidiaries that include Morrison Utility Services, Morrison Data Services, Dyer & Butler, Magdalene, PMP Utilities and M Group Services Plant & Fleet Solutions. M Group Services was formed in 1847 and is based in Hertfordshire, England.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 417 of 418
Sector (Electronics) 6 of 6
Type (Secondary Buyout) 137 of 137
Country (United Kingdom) 26 of 26
Year (2024) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-16 Kermel

Colmar, France

Kermel is a manufacturer of meta-aramid fibre for protective clothing and industrial applications. Kermel fibre is used for protective clothing. The company is a manufacturer of aramid fibre dedicated to heat resistant protective clothing. Kermel was founded in 1992 and is based in Colmar, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-10 CampusParc

Columbus, Ohio, United States

CampusParc provides parking for students, faculty, staff, and visitors at The Ohio State University. CampusParc was formed in 2012 and is headquartered in Columbus, Ohio.

Buy -

Seller(S) 2

SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 221 of 222
Sector (Electronics) 4 of 4
Type (Secondary Buyout) 88 of 89
Country (United Kingdom) 15 of 15
Year (2024) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-16 Kermel

Colmar, France

Kermel is a manufacturer of meta-aramid fibre for protective clothing and industrial applications. Kermel fibre is used for protective clothing. The company is a manufacturer of aramid fibre dedicated to heat resistant protective clothing. Kermel was founded in 1992 and is based in Colmar, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-10 CampusParc

Columbus, Ohio, United States

CampusParc provides parking for students, faculty, staff, and visitors at The Ohio State University. CampusParc was formed in 2012 and is headquartered in Columbus, Ohio.

Buy -
SELLER

Astorg Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 22.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Astorg Partners is a private equity firm that targets small to midcap company investments primarily in France and to a limited extent, Western Europe. Astorg Partners looks for companies valued between €400 million and €2 billion, requiring at least €15 million in equity. Areas of interest include healthcare, retail, distribution, hospitality, and professional services. Prospective transaction situations include leverage build-ups, divestitures, family transitions, and secondary buyouts. Astorg Partners was formed in 1998 and is based in Paris and has additional offices in London and Luxembourg.

DEAL STATS #
Overall 32 of 32
Sector (Electronics) 2 of 2
Type (Secondary Buyout) 20 of 20
Country (United Kingdom) 2 of 2
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-26 Steliau Technology

Montrouge, France

Steliau Technology is a distributor of electronic components. The Company’s customer base consists of OEMs across a wide range of industries and end-markets. Steliau supports its customers through co-design and customization of components, subassembly, assembly as well as distribution of electronic solutions, notably within embedded systems, connectivity and power systems. Steliau Technology was founded in 1992 and is based in Montrouge, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-22 Hamilton Thorne

Beverly, Massachusetts, United States

Hamilton Thorne designs, manufactures, and distributes precision laser devices and advanced imaging systems that reduce cost, increase productivity, improve results, and enable breakthroughs in assisted reproductive technologies (ART) and developmental biology research markets. Its laser products attach to standard inverted microscopes and operate as robotic micro-surgeons, allowing a wide array of scientific applications and IVF procedures. Its imaging systems improve outcomes in human IVF clinics and animal breeding facilities and provide high-end toxicology analyses. Hamilton Thorne is based in Beverly, Massachusetts.

Buy $388M
Mergr

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Company

Legal