Published on February 6th, 2019 | by The GC Team0
Midwich takes majority stake in Italian distributor
AV distributor Midwich has entered into a binding agreement to acquire 80% of the share capital of Prase Engineering S.p.A, an Italian value-added distributor of AV products.
The move marks Midwich’s entry into a territory the Group had identified as important in its international expansion.
Prase was founded in 1993 by Alberto and Ennio Prase, both of whom will continue to lead the business and will remain on the Board of Directors.
In the year ended 31 December 2017, the company generated revenues in excess of €20 million and has recently been shortlisted for distributor of the year at the upcoming InAVation awards, an award it previously won in 2014.
“We are delighted to welcome Ennio, Alberto and the rest of the Prase team to the Midwich Group,” said Midwich Group Managing Director Stephen Fenby.
“The Company has a very strong reputation, not only in Italy, but also in the European AV market as a whole.
“This acquisition adds to the Group’s already formidable capability in the European professional and installation audio sectors. We believe that with the acquisition of Prase, Midwich now has a presence in countries representing over 80% of the European AV market.”