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Management Buyout of Audio Visual Machines Ltd (AVM)
Octopus Investments, a leading fund manager and private equity provider, has announced that it has acquired AVM in a buy-out with its management team. The business was previously part of the Parkmead Group PLC. Octopus financed the deal and will hold a minority equity share in the business. The management team was led by Sandy MacPherson (the Chairman) and Edward Cook (the Chief Executive).
AVM has achieved strong organic growth in the last few years and further expansion as a result of a series of acquisitions (buying ITM and the Video Meeting Company in 2005 and DDI Lizard in 2006).
Joseph Bergin of Octopus Investments said: “Octopus was impressed by the AVM management team and their knowledge of the Audio Visual market. Enabling organisations to communicate and present information clearly and efficiently is a cornerstone of modern business and AVM is committed to providing the technology business needs to make this happen. Indeed, they already have a reputation for high quality service amongst their customers. We are keen to support the ongoing development of the business and especially their strategy of further acquisitive growth.”
Edward Cook (chief executive of AVM), said: “This is a very exciting time for everyone at AVM. The financial backing of Octopus will allow us to invest both in our staff as well as in the products and services that we supply to our clients.”
Sandy MacPherson (chairman of AVM) said: “AVM has the skills, reputation and investment fire power to become the dominant AV systems integrator in the UK within two years, and I am delighted to be partnering with Octopus, who share our vision for acquisitive growth in this market.”
2nd November 2006
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