Industry: Test and Measurement Equipment
Date of Acquisition: October 2000
Location: Beaverton, Oregon
Website: www.ap.com
Audio Precision, Inc. is the leading manufacturer of electronic instruments used to test and measure audio signals in high-end audio and broadcast equipment. Located in Beaverton, Oregon, with approximately $15 million in revenue at the time of acquisition, the Company has a highly international customer base comprised of almost every major manufacturer of high quality consumer and professional audio equipment, including Dolby Labs, Sony, Panasonic, Motorola, Texas Instruments, and Harman. The Company is rich with patents, proprietary software, and engineering talent, blending a high-tech profile with long-lifecycle products, and thus providing very stable revenue and profitability.
Hanover Partners acquired Audio Precision from its founders and has established a broad-based stock option plan to partner with the Company’s management and key employees.
After an 18 year hold, Hanover exited Audio Precision in a company sale to a private equity firm. Owners, including management and employee shareholders, achieved significant financial gain.