Audio visual brand communication agency AVC Immedia is delighted to announce the successful completion of a management buyout (“MBO”).
The agreement sees the senior management team of Ross Penney, John Trevorrow, Euan McMorrow, and Keith Robertson along with investor Mark Horrocks agree the purchase of the trading company Immedia Broadcast Ltd from parent company Immedia Group Plc.
The purchase has been made through a new holding company, AVC Immedia Limited, and takes the company into the private sector after negotiations with Immedia Group plc over the last 12 months. The transaction was approved at a general meeting of Immedia Group plc on May 9 2022.
The agreement will see no change to the current trading business of AVC Immedia as all assets and trading relationships of Immedia Broadcast Ltd have been acquired by AVC Immedia Ltd. All employees will remain with AVC Immedia Limited, across 3 office locations in Newbury, Aberdeen and Houston, Texas.
The agreement comes after much-improved results in H2 of 2021 with significant projects delivered across multiple sectors. Trading and profitability were on an upward curve throughout 2021, and we are pleased that in H2 2021 we achieved not only profitability at the EBITDA level in every month but also two of the most successful months the company has ever posted. The company continues to make good progress in 2022.
CEO Ross Penney commented:
“I am thrilled to lead the management team in the buyout of Immedia Broadcast Ltd and would like to thank Immedia Group plc. Without the significant costs and regulatory burden of participation on the AIM market we will grow profitability through our values and commitment to deep and engaged customer service. Most importantly we will place the wellbeing and succes of all employees front and centre. Using our huge experience and expertise we will develop our product and service offerings into new market sectors aligned with our core specialisations of audio, visual creative and AV.”