Published on March 29th, 2017 | by The GC Team0
Midwich takes majority stake in Earpro S.A.
AV and document solutions distributor Midwich 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 the Barcelona headquartered firm at approximately €11.0 million, including a net cash balance of around €3.2 million.
Earpro Managing Director Miguel Mezquita retains a stake in the business and will continue to lead it as part of the Midwich Group.
The acquisition underlines the Midwich Group’s continued investment in specialism. “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,” said Managing Director Stephen Fenby.
“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.”