The Reading office of Gateley Legal has advised YFM Equity Partners on the financing of a management buyout of S & T Audio / Professional Music Technology (PMT).
Founded in 1991, PMT is the UK’s leading multi-channel retailer of musical instrument and professional audio products. The business operates through 15 stores in the UK, employs more than 200 staff and generates revenue in excess of £40 million per annum.
The buyout by the management team was led by David Black who becomes managing director of the business. David is supported in the buyout by Carly Scott (commercial director) and Andrew Ball (operations director), who joined the business in 2010 and 2012 respectively. The Board will be supplemented by Peter Moss, who joins as finance director. David Garratt, former CEO of Wex Photo Video, the leading multi-channel retailer of photographic and video equipment joins the Board as non-executive Chairman.
PMT‘s founders Simon Gilson and Terry Hope will continue to support the management buyout team as Founder Advisors and retain a significant investment in the business.
Sarah Souter, a senior associate for Gateley Legal’s Corporate team, led on the deal with support from Corporate partner Chris Reed. Sarah commented: “We are pleased to have advised YFM Equity Partners and to have played our part in this management buyout. Following years of hard work from the management team, this news serves to further strengthen PMT’s market-leading position by continuing to finance the company’s growth strategy.” Chris said: “We have a strong track record in advising on retail deals and are pleased to have been part of S&T’s journey.”
Jamie Roberts of YFM added: “Gateley Legal’s corporate team provided us with straight talking legal advice right from the outset. We have worked with the corporate team before and like their user friendly style.
“The founders of PMT have done a great job in building the brand in a growing niche. They are bucking the wider high street trend with the plan to open new stores, but we also see a huge opportunity to invest in its existing online presence to continue PMT’s impressive growth."
David Black commented: “I’m very pleased to complete the buyout of PMT with the rest of the team. The founders have done a fantastic job of establishing a market leading position and we look forward to building on that in the future.”