Leading US gaming audio company Turtle Beach has acquired Darlington-based Lygo International Ltd, its exclusive distributor in the UK and Ireland.
Turtle Beach is a global leader in game audio and offers some of the world’s most advanced gaming headsets including the top selling Ear Force X12, PX21, XP500, PX5; the upcoming Ear Force SEVEN Series in collaboration with Major League Gaming; a line of officially licensed headsets in support of the Nintendo Wii U™; and a line of officially licensed Call of Duty®: Black Ops II headsets. Turtle Beach is backed by US private equity group Stripes Group.
The acquisition was managed by Shawn Bone of BTG Corporate Finance and advised by Tom Fitzpatrick of Dickinson Dees, and is seen as a very positive indicator that overseas private equity backed firms are looking to the UK and the North East as areas for investment in the right businesses.
Lygo’s corporate headquarters house its main logistical operation, warehousing and customer support centre. Lygo also operates a satellite office in Southampton to handle its main sales operations. Lygo distributes Turtle Beach products to top retailers and e-tailers such as Argos, Game, HMV, Tesco and Amazon among others.
“The acquisition of Lygo helps extend Turtle Beach’s global reach and expands the brand while better supporting consumers, developers, publishers and our European distribution partners,” said Juergen Stark, chief executive officer of Turtle Beach. “In Lygo we’ve found a tremendous partner and valuable internal strengths as we look to evolve our international presence.”
Formed in 1999 to supply high quality and sensibly priced gaming accessories to the European market, Lygo became the exclusive distributor and support centre for the Turtle Beach range of gaming headsets in the UK and Ireland in January 2011, offering the full range of Turtle Beach products to the UK market for the first time. Lygo International Ltd will continue to distribute current and upcoming products from Turtle Beach.
“We’re thrilled to build upon our long standing relationship with Turtle Beach and the Turtle Beach family,” said Paul Crooks, president of Lygo International Ltd. “Turtle Beach creates remarkable products and consistently innovates in the marketplace. We are very proud of our effort to advance the brand in the UK and support our customers.”
Shawn Bone of BTG Corporate Finance in Newcastle led the transaction on behalf of Lygo shareholders Paul Crooks and Ian Bourne, who will remain part of the business.
“Paul Crooks and Ian Bourne have built Lygo International into a successful business and their continued involvement with the backing of a leading international group gives this Darlington business a bright future,” said Bone.
“The combination of Lygo and Turtle Beach makes for a very powerful international business footprint and this is a very positive development for Lygo. With equity backing from Stripes Group, the combined business is in a very strong position to expand further.”
Tom Fitzpatrick of Dickinson Dees said: “Turtle Beach intends to use the Lygo acquisition to expand its European operations, which has to be great news for the business,” said Tom Fitzpatrick of Dickinson Dees. “Over the past year or so, we have been involved in an increasing number of strategic cross-border deals, most of which involve plans for increased investment in the region, which is all very encouraging.”
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and the None Administrative Receivers Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.