Acquisition of AVE by Audio Visual Machines LtdAudio Visual Machines (“AVM”), the leading audio visual systems integrator in London, announces the acquisition of AVE Co Holdings Ltd (“AVE”). AVE generated revenues of £5.5m in the financial year to 31 Dec 2006 and was profitable. The acquisition is expected to be immediately earnings enhancing. AVE is one of the UK's leading providers of audio visual and videoconferencing systems and has over 200 blue chip clients in the UK, Europe and Asia. AVE has 40 employees and is headquartered in South West London. This transaction supports AVM’s strategy of consolidating the audio visual system integration market. AVM is focused on the supply, integration, programming, and servicing of complex audio visual solutions to major corporations. The Company has over 500 clients including BP, GSK, Ebay, Network Rail and Sainsbury’s. AVM generated audited profitable revenues of £10m in the financial year to June 07. AVM’s consolidation strategy is backed by Octopus Private Equity and HSBC and AVE is the fifth acquisition to be made in the last 2 years. Sandy MacPherson (Chairman of AVM) said: “We are delighted to welcome AVE, its staff and clients into our enlarged group. AVE is a market leader in the fast growing digital signage market and this latest acquisition will enable us to achieve our ambition of becoming the dominant AV systems integrator over the next 12 months.” |
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