Japanese investment fund 'to sell audio stake'

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RHJ International is reportedly to sell a stake of around 49 per cent in audio equipment maker D&M Holdings.

Three sources close to the Japanese investment fund told Reuters that the company was planning to sell its stake in D&M, worth around A$148 million. "RHJ is likely to auction D&M, as a number of funds are expressing interest in the deal," one source explained.

Listed on the Tokyo Stock Exchange (TSE) D&M Holdings owns a number of brand names, including Denon, Marantz, McIntosh, Boston Acoustics, Snell and Escient, and manufactures, markets and sells a range of premium audio-visual systems and components for home and professional use.

Tokyo-based RHJ is expected to auction the share in D&M and a number of funds are rumoured to have expressed interest in the acquisition. RHJ is the holding company for US buyout fund Ripplewood.

D&M holds over 200 patents and has extensive experience in audio reproduction, home entertainment surround-sound technologies. The company reported net sales of A$925 million in 2006.