Birketts has advised a management buyout of Professional Music Technology Ltd (PMT), the UK’s premier music retailer, for the purchase of the entire share capital of S & T Audio Ltd and the PMT business for an undisclosed sum.
Funding for the buyout was provided by private equity company YFM, who made their investment through a second newly formed company, Jamm Co 2019 Ltd (Jamm), simultaneously as the management buyout was completed.
Founded in 1991, PMT is the UK’s leading multi-channel retailer of musical instrument and professional audio products. With a thriving web presence, 16 award-winning stores nationwide and nearly 200 staff, PMT reaches an annual revenue of over £40m a year. The management buyout was led by David Black with support from Carly Scott (Commercial Director) and Andrew Ball (Operations Director).
It is anticipated that the buyout of S & T Audio Ltd, one of the UK’s leading retailers of musical instruments and equipment, will enable the new management team to capitalise on the increasing demand for professional audio products, and act as a catalyst for further growth, leading to the creation of further stores.
The buyout deal was led by James Allen and David Hollier (Corporate), with additional assistance provided by Lisa Hayward (Employment).
David Black, majority shareholder of Jamm and newly appointed Managing Director of PMT, commented: “I am delighted to complete the buyout of PMT with the rest of the team. The founders have done a fantastic job of developing the business in to something that they can be proud of, and we look forward to building on the strong foundation they have left behind. This was a complex deal and Birketts impressed us from the very start with their wealth of commercial insight and legal expertise.”
Leading Partner James Allen, concluded: “The founders have grown a highly successful business and we are enthusiastic to see how the new management will implement their succession strategy. This buyout is likely to have an impact not only online, but also on the high street, as PMT strengthens its position in this increasingly popular sector.”
Key Contacts
The content of this article is for general information only. It is not, and should not be taken as, legal advice. If you require any further information in relation to this article please contact the author in the first instance. Law covered as at November 2019.