EXCLUSIVE:Bowers & Wilkins Sound United Deal Believed To Be Off
Bankers who are owed millions by former UK Company Bowers & Wilkins are believed to have said no to the proposed acquisition of the now US owned audio Company by Sound United.
ChannelNews understands that the Company that has surged during COVID-19 with the local subsidiary reporting a 76% rise in revenues during the past 3 months could end up being owned by a venture capital Company who are “impressed” with the growth of the business during COVID-19.The Company already has a shareholding in the business.
Sound United the owners of the Denon, Polk Marantz, and Klipsch brands in Australia was hoping to acquire Bowes & Wilkins as the UK Company looked for new investors after a disastrous deal back in 2016 that saw a 40 person start up EVA Automation who had never sold a product acquire the Company.
Shortly after the deal was done Eva moved to raise as much as $252 million in a round that could value it at more than $600 million.
Another Company who is believed to have looked at acquiring B&W was the Samsung owned Harman International.
Sources have said that an announcement is due soon.
Late last month Sound United Management announced it had entered into a preliminary agreement to acquire Bowers & Wilkins, with the British speaker brand stating that negotiations had begun “to explore a possible combined future”.
Kevin Duffy, CEO at Sound United said “B&W is a transformative brand and we look forward to the opportunity to finalize the transaction.”
In both Australia the USA and in the UK, executives are refusing to comment.