Diss-based Midwich enters new European markets with purchase
One of Diss’s biggest employers has entered the Spanish and Portuguese markets after acquiring a European firm for a deal worth €11m.
Midwich, a technology solutions firm based in Vince’s Road, already with operations in France, Germany and Australasia, has bought a majority stake in Earpro.
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 per cent of the European audio visual market
Earpro, a value-added distributor of audio, video and lighting solutions with a headquarters in Barcelona, has a team of 45 and generated unaudited revenues of about €21 last year, representing growth of 7 per cent on 2015.
Midwich says the firm has a “notable heritage”, operating in the mid to high end specialist brands.
Stephen Fenby, Managing Director of Midwich, said: “The acquisition of Earpro marks Midwich’s entry into the Spanish and Portuguese markets, enabling the Group to trade with a broad customer base across a variety of customer segments.
“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 per cent of the European audio visual market.
“Earpro’s expertise and reputation in the professional audio market represent a strong complementary fit to the Group’s activities.
“I look forward to welcoming the Earpro team into the Midwich Group and working with them to further develop this exciting market.”
Earlier this month, the company was celebrating after a 22 per cent increase in profits year-on-year.