Australis & CMI Music Announcement
A statement from CMI Music & Audio on the purchase by Australis Music Group's owner
Here is a statement just released by CMI Music & Audio on the purchase of CMI Music & Audio by Australis Music Group’s owner:
As the principal owners of CMI Music & Audio Pty Ltd, Trojkovic Nominees P/L & Grayme P/L have continually invested in and resourced CMI for over 40 years. However, they are now at the point in their journey where the exits of the long-standing principals of the company are necessary for its continued growth and future prosperity.
We are extremely happy to say that the shareholders of CMI have entered into an agreement with Australis Music Group owned by Fiona Brown, an experienced executive with a deep background in technology distribution, to purchase 100% of the shares of CMI Music & Audio.
This acquisition will make the combined group a formidable player in the Australian MI and Pro Audio markets.
The CMI business mandate will remain the same and be driven by the objective to grow faster, develop staff, expand product portfolios, and market share.
The music distribution business is a relatively small industry in Australia, worth approximately $400 million per annum. Fiona, still a director of the business she co-founded, Dicker Data (ASX: DDR), has built a technology distribution business with a revenue of $2 billion per year. To have an investor, advisor, and director of this caliber guarantees an incredibly bright future for both Australis Music Group and CMI.
Trevor Morrow will be Managing Director of both entities. The CMI Sales, Product Management, Support, and Marketing team will continue in their current positions in Melbourne, operating with this new, expanded mandate for the company.
To assist with a smooth transition, Peter will remain with the company on a full-time basis for the next three months, then in an ‘as required’ capacity if required.
CMI Music & Audio Pty Ltd remains the trading entity of the business.
All banking facilities will remain as-is, therefore there is no change in the payment process or account numbers.
There will be an immediate $250,000 investment in new technology and processes.
This is an enormous opportunity for the staff, suppliers, and investors. Thank you for your support over the years, and your ongoing support for this exciting change of management.