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FRP Corporate Finance has advised professional audio technology and equipment provider HHB Communications Holdings Limited (HHB) on its sale to specialist audio visual distributor Midwich Group.
London-based HHB is one of the leading distributors of specialist professional audio equipment, content creation products and music technology in the UK.
Founded in 1976 by its existing managing director Ian Jones, the business has two divisions; HHB, which offers a range of professional audio brands and solutions, and Source Distribution – a distributor of music technology and content creation brands.
Midwich Group, which is headquartered in Diss, Norfolk is one of the world’s largest specialist audio visual technology distributors and solutions providers. The business was founded in 1979 and operates in 21 countries across Europe, the Middle East, Africa, Asia Pacific and US. It has annual revenues of £1.2billion, which includes £493m in the UK and Ireland.
As part of the transaction, whilst the business will continue to trade as HHB, ownership transfer will open up new commercial opportunities for both HHB and Midwich. Jones will remain with the business as managing director, supported by HHB’s existing leadership team and its 55 employees. Financial details are undisclosed.
James Cooper from FRP Corporate Finance’s Norwich office acted as lead advisor on the transaction, presenting the business to Midwich, negotiating a deal structure that aligned the interests of all shareholders and supporting at all stages to deliver a successful conclusion to the deal.
Cooper, director at FRP Corporate Finance, said: “HHB has a well-established reputation in the professional audio market, as a convenient ‘one-stop audio shop’ for broadcasters and post-production companies alike.
“HHB’s specialist products have been behind some of the world’s best loved music and broadcast productions, and the UK broadcast industry continues to attract investors worldwide. The sale to Midwich Group represents an important milestone in the business’ ongoing growth journey and will help it to scale in the years ahead.”
The transaction was completed with legal advice from Birketts, who acted for HHB. Mills and Reeve acted for Midwich Group.
