TIDMMERC
Mercia Asset Management PLC
07 October 2020
RNS REACH 7 October 2020
Mercia Asset Management PLC
("Mercia" or "the Group")
Warwick Acoustics Update
GBP2.1million of syndicated investment and GBP0.4million
innovation grant
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused, specialist asset manager with c.GBP800 million
of assets under management , is pleased to announce that its direct
portfolio company Warwick Acoustics Limited ("Warwick Acoustics",
"the Company") has secured GBP2.1million of recent syndicated
investment, including GBP0.5million from Mercia. The Company has
also recently won a GBP0.4million grant from Innovate UK, in
conjunction with the University of Warwick.
Warwick Acoustics is one of Mercia's earliest investments,
having received its first investment through Mercia's managed funds
in January 2013 before becoming a balance sheet direct investment
in December 2014. As at 31 March 2020, Mercia held a 52.9% fully
diluted direct holding in Warwick Acoustics.
The Company, which is based in state-of-the-art facilities at
the Mira Technology Park in Warwickshire, develops highly
innovative audio products for both the automotive audio market and
the personal and studio headphone market.
Despite the challenges in the automotive industry as a result of
the COVID-19 pandemic, Warwick Acoustics is continuing to make good
progress in both the automotive and headphone markets.
Reflective of this progress the Company was recently awarded a
grant from Innovate UK to support the development of lower cost
designs for its lightweight, highly power-efficient ElectroAcoustic
Panels. Targeted manufacturing cost reductions will enable the
Company to significantly expand the reach of its technology from
premium to mass market vehicles.
Combined, this significant funding provides sufficient
development capital to support the Company's expansion plans for at
least the next 15 months.
Mike Grant, Chief Executive Officer at Warwick Acoustics,
commented:
"The COVID-19 pandemic has created new challenges for the
automotive industry. Government regulations and new cash flow
pressures are requiring OEMs to rationalise model ranges to reduce
costs and to focus on accelerating developments of Electric
Vehicles ("EVs"). This in turn has placed a premium on
light-weighting and power-efficient technologies in order to
increase range and improve the attractiveness of EVs.
"The recent investment in Warwick Acoustics and the award of an
Innovate UK grant under highly competitive conditions recognise the
class leading weight savings and power efficiency of our high-
performance, patented ElectroAcoustic Panel technology. With this
combined funding, we are in an excellent position to take the next
step in our goal of disrupting the way in which in-car
entertainment is delivered."
Mark Payton, Chief Executive Officer at Mercia, commented:
" We believe Warwick Acoustics has a compelling product set and
is well positioned to capitalise on both the increasing demands
from the automotive industry for smaller, lightweight, quality
audio as well as similar trends from consumers. We are pleased to
continue supporting the business in delivering on these commercial
opportunities through a meaningful syndication. Businesses such as
Warwick Acoustics have significant potential to help the automotive
industry by reducing weight, space and costs within an
emission-focused regulatory environment. We therefore continue to
be encouraged by the business's significant potential to assist the
increasingly innovative automotive industry."
-Ends-
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Emma Gabriel, Richard Andrews
N+1 Singer (Joint Broker)
+44 (0)20 7496
Harry Gooden, James Moat 3000
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Shiv Talwar
mercia@fticonsulting.com
About Mercia Asset Management PLC:
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of balance
sheet, venture, private equity and debt capital: the Group's
'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over
time Mercia can provide further funding to the most promising
companies, by deploying direct investment follow-on capital from
its own balance sheet.
The Group has a strong UK footprint through its regional
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP800million of assets under management
and, since its IPO in December 2014, has invested over GBP96million
into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC
"MERC".
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END
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