Fri, 01 Nov 2019 | MBO/MBI
YFM Equity Partners has funded the MBO of UK music retailer Professional Music Technology (PMT). PMT is one of the UK’s leading retailers of music instruments and professional audio products.
The MBO has been led by David Black, who will become Managing Director of PMT. He was supported by Commercial Director Carly Scott and Operations Director Andrew Ball.
PMT was founded in 1991 by Simon Gilson and Terry Hope, who will continue to support the business as founder advisors, while retaining a significant investment.
YFM’s Jamie Roberts said: "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."
Meanwhile, founder Simon Gilson commented “Terry and I have spent nearly thirty years building PMT into the strongest and most successful business in the sector of which we are both extremely 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 commended Gilson and co-founder Terry Hope for doing “a fantastic job of establishing a market leading position” and spoke of his excitement in working with YFM to build on that.
PMT is headquartered in Southend, with stores across the UK. It employs over 200 staff and has an annual revenue in excess of £40 million.
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