Caledonia Investments has announced that it has sold its 20% stake in B&W Group Limited (“Bowers & Wilkins”), the designer, manufacturer and distributor of high-end audio equipment, for the sterling equivalent of £24m in cash, together with payment of an accrued dividend of £0.5m, as part of the wider sale of Bowers & Wilkins to EVA Automation Inc. (“EVA”), a US-based technology company.
Caledonia originally invested in Bowers & Wilkins in December 2011 and its exit at this time follows the majority owner’s strategic decision to partner with EVA to leverage the Bowers & Wilkins brand through the broader market reach and technology platforms that EVA can offer. The investment has returned to Caledonia a money multiple of 1.2x and an IRR of 3.6%.
Bowers & Wilkins makes the world’s most advanced home cinema and hi-fi speakers, including Abbey Road’s reference system, Wireless Music Systems such as Zeppelin Air, and high-performance mobile-hi-fi headphones.
CLDN : Caledonia sells Bowers & Wilkins