Solotech President and CEO Martin Tremblay has announced that Solotech has acquired British pro-audio hire, sales, and installations company SSE Audio Group.
Solotech says this is the most important transaction in its history. With the addition of SSE Audio, Solotech becomes one of the world's largest audiovisual and entertainment technology companies. The acquisition will generate growth opportunities and operational synergies, in addition to expanding the services available to current and future clients, according to the company.
"We are thrilled that SSE is joining the Solotech team, especially given their highly reputed expertise in audio services. The transaction will enable us to definitively pursue our expansion strategy in the European market and consolidate our unique position as a global player offering full-service (360) sales, rentals, and integration of audiovisual technologies," says Tremblay.
SSE Audio's founder, John Penn, will continue to head the group in the U.K. and the established brands of SSE Audio, Capital Sound, Wigwam, and Sigma Products will be maintained.
"Our clients will continue to benefit from the excellent reputation of our brands, but over time they will also eventually have access to a broader service offering on both sides of the Atlantic, as Solotech offers a complete range of Audio Visual and Entertainment Technology services," adds Penn.
Commenting on the synergies between the North American and European teams, Tremblay says, "Solotech and SSE have worked together for years. We share a passion for innovation, quality, and people. I'm convinced that our association will benefit our clients. We will provide them with a broader range of even better services."
Solotech says its shareholders (Claridge, Desjardins Capital, and Investissement Québec) are proud to reinvest in the company to enable this transaction that contributes to the achievement of its strategic objectives and its positioning as a global company.
Pierre Boivin, chairman of Solotech's board, believes this acquisition opens the door to significant potential growth for Solotech on a global scale. "The audiovisual industry offers excellent prospects for growth, which should increase by 4.3% per year to $53.4 billion US in 2022, compared to $43.1 billion US in 2017. 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," he concluded.