Matrix backs mixing desk manufacturer's MBO
Article Date: Jul 16 2007The management of Digico, a manufacturer of digital mixing consoles, has bought the company for £6.5 million. Matrix Private Equity Partners invested £4.6 million in debt and equity, acquiring a minority stake in the business.
Digico management team, led by executive chairman Bob Doyle and managing director James Gordon, provided the balance of the consideration. Doyle, who founded Digico in 2002, rolled over his existing investment in the business, as did other members of the management team, some of whom also topped up their investments.
The transaction represents an exit for a number of shareholders, mainly based in the US.
Bob Henry, who led the deal for Matrix, joins Digico board as non-executive director. Menzies Corporate Finance advised the management team on the deal.
Surrey-based Digico makes digital audio mixing desks for the post-production, broadcast, and live performance markets. Its revenues last year were £8.5 million.
Matrix has £105 million in funds under management, and backs management buy-outs of businesses valued between £5 million and £20 million.
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