Diss audio-visual company expands into broadcast and video markets with acquisitions
- Credit: Eastern Daily Press © 2016
A specialist audio visual distributor has moved into the broadcast and video market with two acquisitions.
Diss-based Midwich has announced the purchases of Holdan for around £7.9m, and New Zealand AV company Wired.
Holdan sells equipment and software primarily for the broadcast and professional video and audio-visual markets.
The company is based in Glossop, near Manchester and currently employs 35 staff.
It traded with 515 mostly specialist broadcast customers in 2015, an 11% increase on the previous year.
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In the year ended December 31 Holdan reported annual turnover of £20.6m and profit before tax of £1.1m.
Midwich has acquired 75% of the issued share capital of Holdan, using existing cash resources, from Chris Daniels and Allan Leonhardsen with the option to purchase the remaining 25% over the coming three years.
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In line with the Company's long term succession plan, Chris Daniels has stepped down as Holdan's managing director, but will continue with the business on a full time basis before retiring in 2017.
Allan Leonhardsen has become Holdan's managing director with immediate effect. Kieron Seth becomes sales and marketing director, adding sales to his previous marketing responsibilities.
Wired is a small New Zealand based AV distributor with offices in Wellington and Auckland specialising in HD distribution for the domestic and commercial market.
The acquisition boosts Midwich's existing market position in Australia and New Zealand. Wired had a revenue of NZ $2m in the year to 31 March 2016.
Stephen Fenby, managing director of Midwich said: 'I am delighted to welcome Allan, Chris, Kieron and the rest of the Holdan team to the Midwich Group.
'We have admired the expertise and reputation of Holdan for some time and look forward to working together in the future.
'We recognised some time ago that the broadcast and professional video markets are a natural adjunct to our traditional audio visual activity.
'Having made some headway in penetrating these markets ourselves, we believe that the expertise and focus of Holdan will give Midwich the ability to provide a more comprehensive value-added service to our customers in the UK and overseas.
'Similarly, Midwich's vast reach into the audio visual market provides Holdan's vendors with an opportunity to expand further into a growing segment.
'We are also pleased to welcome Bruce Mackay and the rest of the Wired team to the Midwich Group. The acquisition in New Zealand supports two of our key strategic objectives in the region, to provide outstanding value added support to our customers and vendors, and to continue the rapid growth of our display solutions business.'