AAMP of America, a portfolio company of Audax Private Equity, has closed its buy of Armour Automotive. The seller was Armour Group Plc. No financial terms were disclosed. GE Capital provided financing for the acquisition. Based in the UK, Armour Automotive is a provider of branded connectivity and audio solutions for the in-vehicle entertainment and communication sectors.
CLEARWATER, Fla.–(BUSINESS WIRE)–AAMP of America (“AAMP”), a portfolio company of Audax Private Equity (“Audax”), announced it has completed the acquisition of Armour Automotive Ltd. (“Armour Automotive”) from Armour Group Plc, a leading consumer electronics group within the home and in-car communication and entertainment markets. Headquartered in Hampshire UK, Armour Automotive is a leading designer and distributor of branded connectivity and audio solutions for the in-vehicle entertainment and communication markets. Armour Automotive products are sold to OEMs, installers and retailers in the automotive, agricultural, leisure and commercial end markets, through its market-leading brands such as Autoleads, iO, Radiomobile and Veba. AAMP, headquartered in Clearwater, FL, is a global supplier of a broad spectrum of car audio integration technologies as well as aftermarket audio accessories and mobile audio/video components. AAMP sells to over 2,500 active customers including independent installers, mass retailers and OEMs, through its PAC, Stinger and Phoenix Gold brands, among others.
This is AAMP’s sixth add-on acquisition since Audax’ initial acquisition of AAMP in November 2006.
Young Lee, Managing Director of Audax Group, said, “Armour Automotive’s team is a great addition to the AAMP of America platform. The acquisition of Armour Automotive will enhance the strategic position of AAMP by increasing scale and diversifying channel and geographic exposure. We will continue to pursue strategic add-on acquisitions that complement AAMP’s industry-leading service offering.”
Ron Freeman, CEO of AAMP, said, “We are excited to partner with Armour Auto. The acquisition of Armour will help build AAMP into a global platform, expand our product offering into the European and OEM markets, and broaden our technical capabilities. Additionally, Armour will benefit from additional resources that will position it for greater growth and profitability.”
Barry Davies, Managing Director of Armour Automotive, said, “We are excited to have Audax as our new partner. Its track record of sourcing and integrating add-on acquisitions will enhance our ability to grow while continuing to build on our brand’s reputation of market-leading value.”
DWF LLP served as counsel to AAMP and Arnold & Porter (UK) LLP served as counsel to Armour Group Plc. GE Capital provided financing to support the transaction.
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has over $5 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com.