SSE Audio Group acquired by Solotech
- Details
SSE Audio’s founder John Penn will continue to head the organisation in the UK. The established brands of SSE Audio, Capital Sound, Wigwam and Sigma Products will also be maintained.
Martin Tremblay, president and CEO of Groupe Solotech Inc, comments: “This is the most important transaction in Solotech’s history. With the addition of SSE Audio, Solotech becomes one of the world’s largest AV and entertainment technology companies. The acquisition will generate growth opportunities and expand the services available to current and future clients on both sides of the Atlantic.”
Tremblay adds: “We are thrilled that SSE is joining the Solotech team, especially their well-known expertise in audio services. This transaction enables us to pursue our expansion strategy in the European market decisively. With it, we consolidate our unique position as a global player, offering a full-service, 360° proposition, including sales, rentals and integration of audio-visual technologies.”
John Penn adds: “In recent years SSE Audio Group has gone from strength to strength to become the UK’s largest audio services company, with a world-famous name and a reputation for quality service. Working together with Solotech, we will continue to serve our clients as we have always done. In time, we plan to grow and develop the range of services we offer in the UK and into Europe.”
“Our clients and customers will continue to benefit from the excellent reputation of our brands,” continues Penn, “but over time they will eventually have access to much broader service offering on both side of the Atlantic, as Solotech offers a complete range of AV and entertainment technology services.”
Pierre Boivin, chairman of Solotech’s board, believes this acquisition opens the door to significant potential growth for Solotech on a global scale. He says: “The audiovisual industry offers excellent prospects for growth, estimated to increase by 4.3% per year to $53.4 billion US in 2022. Music tours should generate growth of 10% per year by 2022. This transaction will enable us to take full advantage of opportunities that open up to us.”
(Jim Evans)
