Thu, 21 Dec 2023 | BUSINESS SALE
Focusrite, a global music and audio products group, has expanded with the acquisition of Cambridge-headquartered entertainment technologies firm Sheriff Technology Ltd. The deal could be worth more than £3.5 million, with an initial cash consideration of £2.37 million and an earn-out of up to £1.2 million based on financial performance metrics.
If the full consideration is reached, the deal would represent close to a 12x multiple of Sheriff Technology’s £300,000 EBITDA for the year ending October 31 2023, generated on unaudited revenue of £1.4 million.
Sheriff Technology Ltd trades as OutBoard and operates under two sub-brands: OutBoard and TiMax. The firm’s products are used in the audiovisual industry, particularly for live performances, event management and in the growing immersive sound experiences market.
The OutBoard brand designs, manufactures and sells industry-standard rigging control products used in live events, along with enterprise-level safety, preparation and quality management services for venues and rental companies around the world.
The TiMax brand, meanwhile, specialises in immersive audio and show control technologies via the Soundhub and Tracker D4 products. It caters for an array of applications, including events, entertainment, themed environments, exhibition spaces and branding, with the brand’s products frequently used for West End and Broadway productions.
Focusrite Chief Executive Tim Carroll said that the deal “represents another strategic expansion within our audio reproduction business, enhancing our product range and market reach.”
Carroll continued: "OutBoard's innovative products, such as TiMax spatial audio and show control, align perfectly with our mission to deliver exceptional audio experiences within live environments. We are looking forward to integrating OutBoard's technologies and exploring new opportunities in this segment of the rapidly evolving audio industry."
OutBoard founders and directors Robin Whittaker and Dave Haydon added: "Joining forces with Focusrite marks an exciting new chapter in OutBoard's story. We are thrilled to see our products reach new markets and benefit from Focusrite's global presence and brand recognition. Our commitment to innovation and quality remains steadfast, and we look forward to contributing to the group's continued success."
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