Hills has acquired Audio Products Group (APG), a long-established Australian and New Zealand value added supplier of professional audio products.
APG was established in 1996 by Ken Dwyer. Hills expectes the combined businesses to play a leading role in the supply of specialised audio products in Australia and New Zealand.
As reported in The Australian Financial Review, Hills’s series of recent acquisitions in the health, security and audio sectors was not intended to be transformative to the business. Hills managing director Ted Pretty added: “We’re hunting for something a bit bigger. We’re going to make one or two larger acquisitions.”
Hills is developing a smart clothesline that releases a rain cover if the Bureau of Meteorology signals that bad weather is on the way.
Hills has distanced itself from its manufacturing roots, sending much of its production offshore. Pretty said household goods now accounted for only 15 per cent of revenue. The rest came from government and enterprise.
Brad Newton, Hills’ Chief Operating Officer, said the APG acquisition was consistent with Hills’ revenue growth strategy of bolt-on acquisitions that can be integrated into the Group’s core business and realise synergies.
“APG will certainly assist in accelerating our ability to continue to build a market-leading position in the specialised audio markets in Australia and New Zealand. It is widely respected as a market leader and trusted supplier with long-standing and exclusive supplier relations that are reflected in sustained revenue and earnings,” Newton said.
APG’s Ken Dwyer, Managing Director, said “I am delighted to join the Hills team at an exciting time in its evolution into Australia’s leading trusted supplier of integrated solutions.”
Key products within the APG stable include Aiphone, which a commercial and residential intercom brand. Other brands such as Tannoy (speakers), Lab.gruppen (amplifiers), Biamp and TOA are also in the APG stable.
The latest expansion of Hills’ New Zealand presence via the APG acquisition follows the Group’s recent broadening of its core electronic security operations with its NZ-based business, Hills Electronic Security, acquiring Auckland-based Intek Security Group.