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Midwich Group PLC (MIDW)

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Thursday 14 February, 2019

Midwich Group PLC

Completion of majority stake acquisition in Prase

RNS Number : 0701Q
Midwich Group PLC
14 February 2019
 

14 February 2019

 

Midwich Group plc

("Midwich" or "the Group")

 

Completion of acquisition of majority stake in Prase Engineering S.p.A

 

Midwich, a specialist audio visual ("AV") distributor to the trade market with operations across the UK and Ireland, Continental Europe and Asia-Pacific, is pleased to announce that it has completed its acquisition of 80% of the share capital of Prase Engineering S.p.A, as previously announced on 1 February 2019.

 

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For further information:

 

Midwich Group plc

Stephen Fenby, Managing Director

Stephen Lamb, Finance Director

 

Tel: +44 (0) 13 7964 9200

Investec Bank plc (NOMAD and Joint Broker to Midwich)

James Rudd

Carlton Nelson

 

Tel: +44 (0) 20 7597 5970

Berenberg (Joint Broker to Midwich)

Ben Wright

Mark Whitmore

Laure Fine

 

Tel: +44 (0) 20 3207 7800

FTI Consulting

Alex Beagley

Tom Hufton

Fern Duncan

Tel: +44 (0) 20 3727 1000

 

 

 

About Midwich Group

Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, Continental Europe and Asia-Pacific. The Group's long-standing relationships with over 400 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.

 

The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 16,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.

 

Initially a UK only distributor, the Group now has nearly 900 employees across the UK and Ireland, Continental Europe and Asia-Pacific. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.

 

For further information, please visit www.midwichgroupplc.com

 


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