FRP Corporate Finance advises HHB on its sale to Midwich Group
FRP Corporate Finance is pleased to have 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. Its products are used by some of the world’s most prestigious broadcasters and recording studios, including the BBC, Sky, the Royal College of Music and Pierce Entertainment, where its equipment was used to mix Sam Smith’s latest album Gloria.
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 £493million 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. Ian Jones will also remain with the business, supported by HHB’s existing leadership team and its 55 employees.
FRP Corporate Finance Director, James Cooper 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.
Commenting on the transaction, James 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. This sale to Midwich Group represents an important milestone in the business’ ongoing growth journey and will help it to scale in the years ahead.”
Ian Jones, Managing Director at HHB, said: “At its core, HHB has always been focused on providing a very high level of customer service and support. Thanks to the support of FRP Corporate Finance, we have found a partner in Midwich that fully supports and believes in this approach and our unique culture and ethos. We are thrilled to be joining them and look forward to leveraging the group’s knowledge and resources for the mutual benefit of our customers, employees, and suppliers.”
Selling a business
This sale to Midwich Group represents an important milestone in the business’ ongoing growth journey and will help it to scale in the years ahead.James Cooper Corporate Finance