Warwick Acoustics secures major contract
RNS Reach 7 June 2023
Mercia Asset Management PLC
("Mercia" the "Company" or the "Group")
Warwick Acoustics secures major automotive contract
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£1.4billion of assets under management, is pleased to announce that Warwick Acoustics Limited ("Warwick Acoustics") has secured its first production contract with a leading global luxury vehicle manufacturer.
The multi-year contract is with a global top 10 luxury manufacturer and is a major milestone for Warwick Acoustics, validating the performance and scalability for its proprietary automotive audio system, which is based on electrostatic transducers. The contract will initially be for two vehicle programs and will be delivered via a significant expansion of Warwick Acoustics' design, development and manufacturing capabilities.
Warwick Acoustics' automotive audio systems, based on its patented ElectroAcoustic panels, give vehicle owners an outstanding audiophile experience, while enabling vehicle manufacturers to benefit from an audio system that is significantly lighter in weight than is traditionally found in vehicles. Warwick Acoustics' ElectroAcoustic panels also use less energy, do not require rare earth materials and can be easily recycled at the end of a vehicle's life; key attributes as the automotive industry transitions to electric vehicles and increases its focus on environmental sustainability.
Mercia holds a fully diluted direct stake of 40.3% in Warwick Acoustics.
Mark Payton, CEO of Mercia Asset Management PLC, said: "Warwick Acoustics has already secured development contracts from five global automotive OEMs, but this landmark achievement represents the first transition of these into a commercial production agreement, following extensive evaluation and testing.
"We first backed this University of Warwick spinout through our managed funds in 2009, as it sought to develop high-end headphones that have received global recognition and are sold worldwide. We first invested from our balance sheet in 2014 and have supported Warwick Acoustics as it resolved numerous technical and manufacturing challenges to reach the position they are in today - ready to revolutionise the passenger acoustic experience in high-end, sustainable vehicles."
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For further information, please contact:
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Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer
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+44 (0)330 223 1430
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Canaccord Genuity Limited (NOMAD and Joint Broker) |
+44 (0)20 7523 8000 |
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Simon Bridges, Emma Gabriel |
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Singer Capital Markets (Joint Broker) |
+44 (0)20 7496 3000 |
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Harry Gooden, James Moat |
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FTI Consulting |
+44 (0)20 3727 1051 |
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Tom Blackwell, Immy Ransom |
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mercia@fticonsulting.com |
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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 venture, private equity, debt and proprietary 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, university partnerships and extensive personal networks, providing it with access to high-quality deal flow.
Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".
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