FRP advises HHB Communications on sale to Midwich

24 July 2023 Consultancy.uk 2 min. read

Specialist audio visual distributor Midwich Group has purchased HHB Communications for an undisclosed fee. FRP Corporate Finance provided sell-side advisory to the deal.

Based in London, HHB Communications is a distributor of specialist professional audio equipment, content creation products and music technology in the UK.

Founded in 1976 by 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.

HHB bought by Midwich, in sale advised by FRP

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’.

The firm’s reputation and market position recently attracted the interest of Midwich Group – a firm headquartered in Diss, Norfolk, which is a global provider of audio visual goods and services.

Midwich was founded in 1979 and operates in 21 countries across Europe, the Middle East, Africa, Asia Pacific and United States. It has annual revenues of £1.2 billion, which includes £493 million in the UK and Ireland.

Now, the firm has completed a deal to add HBB to its portfolio. As part of the transaction, while the business will continue to trade as HHB, ownership transfer will open up new commercial opportunities for both HHB and Midwich.

Financial details are undisclosed, but Ian Jones will remain with the business as managing director, supported by HHB’s existing leadership team and its 55 employees.

FRP Corporate Finance advised HHB on its sale to Midwich. James Cooper of FRP Corporate Finance’s Norwich office, acted as lead advisor on the transaction. This saw him present HBB to Midwich, negotiate a deal structure that aligned the interests of all shareholders, and support every stage of the process to deliver a successful conclusion to the deal.

Commenting on the transaction, Cooper 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.”

Commenting on the deal, HHB’s Ian Jones stated, “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.”

The transaction was completed with legal advice from Birketts, who acted for HHB. Mills & Reeve acted for Midwich Group.