Warwick Acoustics secures major contract
07/06/2023 07:00
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RNS Number : 8618B Mercia Asset Management PLC 07 June 2023
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."
-Ends-
For further information, please contact:
Mercia Asset Management PLC +44 (0)330 223 1430
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.mercia.co.uk (http://www.mercia.co.uk/)
Canaccord Genuity Limited (NOMAD and Joint Broker) +44 (0)20 7523 8000
Simon Bridges, Emma Gabriel
Singer Capital Markets (Joint Broker) +44 (0)20 7496 3000
Harry Gooden, James Moat
FTI Consulting +44 (0)20 3727 1051
Tom Blackwell, Immy Ransom
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 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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