Schouw & Co., parent company of Martin Professional, has entered into an agreement with the global infotainment and audio company Harman International Industries to sell Martin to Harman. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in Q1 2013.
Harman is reportedly purchasing the Denmark-based Martin Professional for 100 million euros (USD $146 million). iStockAnalyst states that Martin Professional reported revenues of around $150 million in fiscal 2011 and employs around 450 people.
Martin Professional says this transaction will create a one-stop-shop for the professional entertainment market. Adding Martin to Harman’s USD $4.4 billion organization and combining two of the largest R&D budgets in the audio and entertainment lighting industry will enable the companies to grow and improve the lighting and video product offering to the benefit of all existing and new customers, says the company.
Blake Augsburger, Executive Vice President and President of the Harman Professional Division, states, “Martin product lines are an excellent complement to our professional audio business. After the transaction closes, we will be able to offer a full line-up of audio, lighting, and video solutions for the live stage as well as permanent venues and installations.”
Christian Engsted, CEO of Martin Professional commented in a statement, “We very much look forward to exploring the mutual benefits this change in ownership offers and continuing to develop our business relationship with our customers and partners across the globe.”
Christian Bouchard, VP of Erikson Pro, the longest running Canadian distributor of Martin products, says the acquisition will have no effect on Canadian distribution. “For us it’s business as usual,” he tells Professional Lighting & Production. “For Harman, it’s quite the purchase. It’s a high quality product and we’re looking forward to more healthy business down the road.”
Martin Professional will continue as an independent business unit within the Harman Professional Division, with the existing points of contact.
Professional Lighting & Production will update this story has more details become available.