Dutch deal looks like sound business for Diss-based Midwich
A Diss company has acquired a majority stake in a specialist distributor of audio visual and lighting solutions in the Netherlands.
Midwich, of Vinces Road, confirmed the deal with Gebroeders van Domburg B V last week.
Managing director Stephen Fenby said that the latest acquisition would enable Midwich to trade with a broad customer base across a variety of customer segments.
He added: “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 70 per cent of the European audio visual market.
“I look forward to welcoming the van Domburg team into the Midwich Group, and working with them to further develop this exciting market.”
Midwich will acquire a majority stake from the two joint managing directors, Rick ter Wee and Ed van Domburg.
I look forward to welcoming the van Domburg team into the Midwich Group, and working with them to further develop this exciting market
As part of the deal, Midwich has the option of acquiring the remaining shares over the next three years.
The Dutch company’s managing directors will continue to be responsible for the management of the business, and remain in their positions.
The pair described the partnership as exciting and added: “From the outset of our conversations with the Midwich group, the synergies between our two businesses were evident.
“We look forward to working closely with them to develop our business.”
The Midwich group also has operations in the UK and Ireland, France, Germany, Iberia and Australasia.