Midwich, a specialist audio visual and document solutions distributor to the trade market with operations in the UK and Ireland, France, Germany and Australasia, has announced that it has entered into a binding agreement to acquire a majority stake in Earpro S.A., a value-added distributor of audio, video and lighting solutions in Spain and Portugal.
The acquisition values the equity of Earpro at approximately €11.0m, including a net cash balance of approximately €3.2m. Managing Director, Miguel Mezquita retains a stake in the business and will continue to lead the business as part of the Midwich Group.
Earpro is a specialist audio and visual distributor focused on three technology categories – audio, lighting and video. The Company has a notable heritage in the solution driven professional audio market where the business operates with mid to high end, specialist brands. The Company distributes key audio vendors including Shure and a range of brands under the Harman umbrella. The acquisition underlines the Midwich Group’s continued investment in specialism.
The Earpro business, headquartered in Barcelona enables the entry of the Midwich Group into the Spanish and Portuguese markets, territories the Group has identified as important in its international expansion. The acquisition is further delivery of the Group’s strategy, stated at IPO to grow operations through a combination of organic development and selective acquisitions.
Stephen Fenby, Managing Director, Midwich Group told us “I am delighted to welcome Miguel, and the rest of the Earpro team to the Midwich Group. Spain and Portugal are markets we’ve identified as significant to the Group’s international growth ambitions. The addition of this territory to the Group’s portfolio increases Midwich’s geographical coverage, with the Group operating in territories which account for approximately 60% of the European audio visual market. We will look to continue strengthening the Company’s position in the professional audio market, and support the business to build its lighting and video technology divisions.”
Earpro’s heritage in the audio market has enabled the business to develop its sales in complementary video and lighting technologies. As a market leader in professional audio distribution, the business has a strong platform to develop video and lighting sales through its existing customer base.
Miguel Mezquita, Managing Director, Earpro said “From the outset of our conversations with the Midwich Group, the cultural and operational synergies of our two businesses were evident. This new partnership will enable us to continue our business’s development in the professional audio, video and lighting technology markets with the support and backing of an experienced international audio visual specialist.”
Specialist services provided by the Company include: system design, pre-installation product configuration, pre and post sale technical support, product demonstrations, and product repairs. Through its portfolio of leading vendors, Earpro will continue to provide the complete audio solution to the professional market. This includes sales of product technologies in microphones, mixers, amplifiers, sound systems, public address systems, ear monitoring systems and digital system processors (DSP), along with their lighting and video technology ranges.
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