Midwich has entered into a binding agreement to acquire a majority stake in Earpro S.A., a value-added distributor of audio, video and lighting solutions in Spain and Portugal. The acquisition values the equity of Earpro at approximately €11.0m, including a net cash balance of approximately €3.2m. Managing Director, Miguel Mezquita retains a stake in the business and will continue to lead the business as part of the Midwich Group.
Stephen Fenby, Managing Director, Midwich Group commented “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.”
Earpro’s heritage in the audio market has enabled the business to develop its sales in complementary video and lighting technologies.
Miguel Mezquita, Managing Director, Earpro commented, “From the outset of our conversations with the Midwich Group, the cultural and operational synergies of our two businesses were evident. This new partnership will enable us to continue our business’s development in the professional audio, video and lighting technology markets with the support and backing of an experienced international audio visual specialist.”
Tom Sumner, Midwich European Director, commented, “The Midwich Group has experience of international acquisition in Europe and Australasia where our approach has been to address these markets through strong local teams. We will continue this with Earpro, providing support where we can. We are excited to work with the Earpro team, and will look to maximise the business synergies across the Group’s organisations. Our primary focus will remain on continuing to enhance the support and service we provide customers and vendor partners.”