Fiona Brown’s Pro Audio, AV, and MI acquisitions continue
Fiona Brown, co-founder and Non-Executive Director of Dicker Data (ASX: DDR), announced Friday 29 April her purchase of CMI Music & Audio Pty Ltd, Australian distributors of the Harman stable, Adamson, Fohhn, and a broad portfolio of MI brands. This acquisition comes on the heels of Fiona buying Australis Music Group in November 2021.
Trevor Morrow, current CEO of Australis, will act as Managing Director of both Australis and CMI following the deal, though both companies are keen to stress that they will continue to operate as separate companies on a ‘business as usual’ basis. CMI’s headquarters will remain at the same location in Melbourne. The combined group will leverage back-end efficiencies in logistics and IT, drawing on Australis & Fiona’s tech-savvy and long experience in distribution.
To assist with a smooth transition, CMI’s CEO and Managing Director Peter Trojkovic will remain with the company on a full-time basis for the first three months, then at an ‘as required’ capacity for the remainder of the following year. CMI Music & Audio Pty Ltd remains as the trading entity with the same financial details (bank accounts etc.), meaning dealing with the company will remain a seamless experience for all current customers.
The combined entity is set to become a major force in the Australian Audio, AV, and MI landscape. It’s part of a consolidation in AV that is already occurring globally, where multiple competing distributors held by the same parent company are common.
For example, Canada’s Exertis JAM, ultimately owned by Ireland’s DCC, consists of 12 divisions, multiple competing distributors, and five North American warehouses, making them the number one Pro Audio and MI distributor in the region. DCC distributes more than 500 brands across Pro Audio, Commercial Audio, MI, and Consumer Electronics, via more than 10,000 dealers in 62 countries.
Peter sees the combined ownership of CMI and Australis and the concurrent increase in resources as a huge accelerant to their expansion. “Both CMI and Australis will strive to continually improve their businesses,” states Peter. “The only difference is now both companies will be resourced to do this at a faster pace. Our objectives are to drive growth, develop staff, expand product portfolios, and grow market share faster and more effectively. Both companies have specialist staff and sales professionals that know their product. All of our suppliers know they’ll be dealing with the same teams and are on-board. The improved dealer support and back-end efficiencies mean we can get costs down and be more competitive.”
The sale marks the end of a more than 40-year journey for the family-owned Trojkovic Nominees Pty Ltd, majority owners of CMI Music & Audio, and partners Grayme Pty Ltd. “Thank you for your support over the years,” concludes Peter, “and thank you for your ongoing support for this exciting change of management.”
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