Buckinghamshire's Focusrite boosts audio reproduction business with latest acquisition
Buckinghamshire-based Focusrite revealed it had acquired Sheriff Technology Limited, trading as OutBoard, for a total of £3.57 million, in a deal, which is expected to be earnings enhancing in the current financial year and expand the former's sound reproduction business.
Operating under two sub-brands OutBoard and TiMax, OutBoard's products are used globally in the audiovisual industry, notably in live performances, event management, and immersive sound experiences.
READ MORE: Focusrite reports resilient fiscal 2023 despite profit drop
Its TiMax solutions are frequently used for Broadway and West End shows, while under the OutBoard brand, it designs, manufactures and sells rigging products for live events.
"The acquisition of OutBoard represents another strategic expansion within our Audio Reproduction business, enhancing our product range and market reach," said Tim Carroll, CEO of Focusrite, in a stock market statement.
"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," he added.
For the year to end-October 2023, OutBoard's unaudited revenue was £1.4 million with an EBITDA of £0.3 million. Its gross assets were £0.52 million, including cash of £0.12 million.
Focusrite will initially pay £2.37 million, to be funded from internal cash resources and existing facilities.
There will also be an earn-out of up to £1.2 million in cash based on financial performance, including gross profits over a one-year period to end-December, 2024.
Focusrite, based in High Wycombe, broadly comprises two divisions - Content Creation, which makes and distributes audio content, and Audio Reproduction, which provides solutions to do just that.
It has offices in four continents and a global customer base with a distribution network covering around 240 territories.
Robin Whittaker and Dave Haydon, founders and directors of OutBoard, said: "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."
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