MBO at specialist musical instrument retailer
An MBO has taken place at 30 year old Professional Music Technology (PMT) which operates a chain of 15 UK stores as well as a robust eCommerce division. The business which employs over 200 staff and has sales of £40m+ was acquired by David Black who now takes the managing director role. Other directors involved in the management buyout which was backed by YM Equity Partners are Carly Scott, commercial director and Andrew Ball, operations director. All three have been with the business for a number of years and are joined by Peter Moss who has joined as finance director, with David Garratt as chairman.
The founders of PMT, Simon Gilson and Terry Hope, retain a significant investment in the business and will continue to support the management team as founder advisors. Gilson said; "Terry and I have spent nearly thirty years building PMT into the strongest and most successful business in the sector of which we are very proud. Going forward we felt that some new thinking and strategies are necessary to fully exploit the many opportunities that the current market presents and that this is the ideal time to let our younger talent, led by David Black, take this amazing company into its next phase of growth."
David Black commented; "I am very pleased to complete the buyout of PMT with the rest of the team."
The business will now focus on opening new destination stores and further development of its multichannel proposition.