Ward Hadaway concludes sound deal for audio group | 10 July 07
Law firm Ward Hadaway is helping audio manufacturer and distributor Canford Group make a bigger noise by closing two deals for the group.
The firm advised Washington-based Canford on its acquisition of North Tyneside computer components and accessories distributor Ash Distribution.
The six-figure deal follows on from the recent acquisition of Panamic Sound Booms, which makes microphone boom poles used by sound recordists. Ward Hadaway advised on both transactions for Canford, a long-standing client of the firm.
Richard Butts, associate in the corporate finance team at Ward Hadaway, led the team on the deals.
Mr Butts said: “Canford is a market leader in its field and these acquisitions should fit in very well with the rest of the group. We were very pleased to be able to play a role in developing and expanding Canford’s business.”
David Crone, the partner at Ward Hadaway with overall responsibility for the transactions, said: “Our team of specialists, which included employment, property, IT and intellectual property lawyers, meant that we were able to conclude the deals successfully.”
Ash Distribution was established ten years ago and supplies computer dealers, the education market, local authorities and businesses with products ranging from cables to printer cartridges.
The company, which is based in Longbenton and also has a representative in Shenzen, China, recently launched its own brand of computer accessories and peripherals, Trueway.
Panamic Sound Booms makes recording equipment previously used in Hollywood films including Indiana Jones and The Temple of Doom and Empire Of The Sun.
Canford plans to shift production of the booms to its factory in Weymouth, Dorset, following the acquisition.
Tait Walker provided financial advice to Canford Group on the Ash Distribution deal, with funding from Lloyds TSB.
Hugh Morgan Williams, chairman of Canford Group, said: “Canford’s long association with Ward Hadaway proved very beneficial in concluding these deals in a timely and efficient manner.”