Midwich is making a cash payment of US$27.1mln for Starin and accepting the purchased company’s US$19mln of debt.
Midwich Group Plc, a specialist audio visual (AV) distributor in UK, has lately acquired the US-based distributor of AV products, Starin Marketing, for US$46.1mln. Starin Marketing purchase provides a foundation to Midwich to expand in the US. Midwich is making a cash payment of US$27.1mln for Starin and accepting the purchased company’s US$19mln of debt. Also, the group has disclosed plans to increase nearly £40m by means of a share placing.
Speaking on the occasion, the Managing Director of Midwich, Stephen Fenby, stated, “The acquisition of Starin Marketing, Inc. is an important step for the Midwich Group, marking our way in North America, which is the world’s largest audio-visual market. Starin’s exposure to the booming unified communications segment will be valuable for Midwich as it looks for raising the revenues in this rapidly growing audio-visual sub sector across its global network. The highly skilled management team has built a huge business and I look ahead to welcoming the entire team to the Midwich Group.”
Partnership to allow Midwich to Consolidate its Connection
The collaboration will enable Midwich to extend its support to global customers and strengthen our relationship with the existing and new Group vendors. This strategic move also adds to the Midwich’s Unified Communication (UC) capabilities, thereby offering additional experience in a strategically important industry.
CEO of Starin, Bill Mullin, reflected, “Midwich shares similar culture and focus on AV Communications with us. The Group is also interested in helping us reach the next level in our strategic alliances and initiatives.” Mullin further added saying that the Midwich’s present global infrastructure provides Starin with a platform for continued coverage and growth, along with offering resources for elevated financial, operational, and structural capabilities.