Loud Technologies, which already owns the EAW and Mackie speaker lines, has announced its agreement to purchase Martin Audio of the UK. The agreement involved Loud's purchase of all of Martin's outstanding capital stock. Estimates of the total value of the deal, which is subject to adjustment for third-party debt and net working capital at the time of closing, range from $33 to $35 million dollars.
David Bissett-Powell, managing director of Martin Audio commented, "Ours is one of the few mature industries that has no dominant player. It seems apparent, however, that to be a small independent is becoming tougher on the world stage. We recognize the need for multiple disciplines and by becoming part of Loud, we immediately have access to further resources, both technical and financial, to assist our team in reaching their goals."
Jamie Engen, CEO of Loud, said that Martin Audio would remain an independent brand within the group, and that synergies would arise that would mutually benefit both the clients and the expanded group.
For more information, visit www.martin-audio.com.