York-headquartered Gear4music, the online retailer of musical instruments and music equipment, has completed the acquisition of AV Distribution Ltd (trading as AV Online) in a £9.2m deal.
AV Online is an online retailer of audio-visual equipment. It increased revenues by 54% to £8.6m during the last financial year to 31 March 2021, generating adjusted EBITDA of £1.3m and profit before tax of £1.2m (FY20: £0.4m).
Founded in 2003 by Carl Pickles, AV Online operates from a 26,000 sq ft warehouse, offices and showroom in Bacup, Lancashire. AV Online has 21 members of staff.
Commenting on the announcement, Andrew Wass, Chief Executive Officer, Gear4music, said: “We are very pleased to have completed the acquisition of AV Distribution Ltd trading as AV Online, and welcome the team into the Gear4music Group.
“AV Online is an online retailer of audio-visual equipment, including HiFi speakers and home cinema systems.
“With the launch of AV.com scheduled for January, we look forward to building on the profitable growth achieved by AV Distribution Ltd, and leveraging the strength of our e-commerce platform and our European infrastructure to accelerate our growth in this £2.7bn European market.
“We are also pleased to report our systems and supply chain operations have performed well over the busy Black Friday and Cyber Monday period, and we continue to be confident that our full year financial results will be in line with the recently revised consensus market expectations.”