Midwich signs deal to buy distributor Earpro

Midwich signs deal to buy distributor Earpro
AV distributor Midwich has entered into a binding agreement to acquire a majority stake in Earpro, a distributor of audio, video and lighting products in Spain and Portugal.

The acquisition values the equity of Earpro at approximately €11.0m, including a net cash balance of approximately €3.2m.  MD, Miguel Mezquita retains a stake in the business and will continue to lead the business as part of the Midwich Group.

Earpro distributes audio vendors including Shure and a range of brands under the Harman umbrella.

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, MD, Midwich Group said, "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.”

Specialist services provided by the Company include: system design, pre-installation product configuration, pre and post sale technical support, product demonstrations, and product repairs.

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