3i sells Allen & Heath to Close Bros<

3i has sold Allen & Heath A&H, a UK designer of professional sound mixing equipment, to Close Brothers Growth Capital in a £9m secondary buyout. 3i backed the original MBO from Harman International Industries in 2001 in a £9m buyout.

Based in Penryn, near Falmouth, Cornwall, A&H develops and manufactures audio mixing consoles for use by professional sound engineers. A&H also provides installed sound systems for conference centres, lecture theatres and hotels. The business employs 180 people and has a turnover of £15m.

A&H’s managing director, Glenn Rogers, who has successfully fronted the company since the mid 1990s, is leading the secondary buyout team. The board will also include: Dave Jones, finance director; Tony Williams, operations director; and Bob Goleniowski, sales director. Peter Adams continues as non-executive chairman. James Blake, who led the transaction for CBGC, will join the board.

The deal is being funded by way of a unique form of single source financing from CBGC, comprising equity and debt. Management is also providing equity. Barclays will provide working capital facilities for the business.