Audio visual supplier Midwich buys Dutch firm Gebroeders van Domburg for 2.1m euro
- Credit: Eastern Daily Press © 2016
A Diss-based audio visual equipment distributor has continued on the acquisitions trail after taking a majority stake in a Dutch firm.
An East Anglian distributor of audio-visual equipment has stepped into new territory with its latest acquisition.
Midwich, a member of the EDP/EADT Top 100 list of the region's biggest companies by turnover, has bought 70% of the Dutch company Gebroeders van Domburg for an initial 2.1m euro.
The Rotterdam-based company, which specialises in the large format display market – such interactive smartboards – has a team of 54 staff and generated revenues of around 30m euro in 2016.
Midwich said the deal would give it access to the Benelux market – Belgium, Netherlands and Luxembourg – which the group has identified as important for international expansion.
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Stephen Fenby, managing director of Midwich said: '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% of the European audio visual market.'
Van Domburg distributes audio-visual brands such as Samsung, NEC and AMX and, through its transport division, has in-house warehousing and transportation capabilities from a major logistics centre.
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Midwich will acquire a majority stake from the two joint managing directors, with the option to acquire the remaining shares over the next three years.
In a statement Van Domburg's directors, Rick ter Wee and Ed van Domburg, said: 'With our strong local position, and with the backing and support of Midwich, it is clear this exciting partnership will enable Van Domburg to continue our growth in the audio visual and high-end lighting markets.'
Midwich is based in Vinces Road in Diss , employs more than 600 people worldwide and turned over £370.1m in 2016.
The Van Domburg purchase follows the company's pattern of adding overseas businesses through acquisition.
In March, Spanish firm Earpro was bought while in 2016 it added New Zealand business Wired and Manchester group Holdan.
Midwich floated on the stock exchange, as a member of the AIM listing, in May 2016 and has used the additional funding for acquisitive growth.
The group, which also operates in France, Germany and Australia, is set to announce its interim results next week.