Midwich Group PLC Potential Acquisition (4324I)
12 December 2020 - 1:25AM
UK Regulatory
TIDMMIDW
RNS Number : 4324I
Midwich Group PLC
11 December 2020
11 December 2020
Midwich Group plc
("Midwich" or "the Group")
Potential Acquisition
Midwich Group (AIM: MIDW), a specialist audio visual distributor
to the trade market with operations across the UK and Ireland,
Continental Europe, Asia-Pacific and North America, announces that
it is in advanced discussions with Nicolas M. Kyvernitis
Electronics Ent., NMK Middle East FZE and Edge Electronics Trading
LLC (collectively "the NMK Group") , a value-added distributor of
AV products in the Middle Eastern market, around the potential
acquisition of all or part of the NMK Group. In the pre Covid year
ended 31 December 2019, the NMK Group generated revenues of
approximately AED104 million (GBP21.6 million) and net profit of
AED17.9 million (GBP3.7 million). Net assets as at 31 December 2019
were AED73.5 million (GBP14.8 million). There is no certainty that
a transaction will take place. A further announcement will be made
as appropriate.
Note : Exchange rate used GBP1 = AED 4.96
For further information:
Midwich Group plc Tel: +44 (0) 13 7964
Stephen Fenby, Managing Director 9200
Stephen Lamb, Finance Director
Investec Bank plc (NOMAD and Joint Broker Tel: +44 (0) 20 7597
to Midwich) 5970
James Rudd
Carlton Nelson
Berenberg (Joint Broker to Midwich) Tel: +44 (0) 20 3207
Ben Wright 7800
Mark Whitmore
Alix Mecklenberg-Solodkoff
FTI Consulting Tel: +44 (0) 20 3727
Alex Beagley 1000
Tom Hufton
Rafaella de Freitas
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with
operations in the UK and Ireland, Continental Europe and
Asia-Pacific and North America. The Group's long-standing
relationships with over 500 vendors, including blue-chip
organisations, support a comprehensive product portfolio across
major audio visual categories such as large format displays,
projectors, digital signage and professional audio. The Group
operates as the sole or largest in-country distributor for a number
of its vendors in their respective product sets.
The Directors attribute this position to the Group's technical
expertise, extensive product knowledge and strong customer service
offering built up over a number of years. The Group has a large and
diverse base of over 20,000 customers, most of which are
professional AV integrators and IT resellers serving sectors such
as corporate, education, retail, residential and hospitality.
Although the Group does not sell directly to end users, it believes
that the majority of its products are used by commercial and
educational establishments rather than consumers.
Initially a UK only distributor, the Group now has around 1,000
employees across the UK and Ireland, Continental Europe,
Asia-Pacific and North America. A core component of the Group's
growth strategy is further expansion of its international
operations and footprint into strategically targeted
jurisdictions.
For further information, please visit
www.midwichgroupplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQEALAFFAAEFFA
(END) Dow Jones Newswires
December 11, 2020 09:25 ET (14:25 GMT)
Midwich (LSE:MIDW)
Historical Stock Chart
From Apr 2024 to May 2024
Midwich (LSE:MIDW)
Historical Stock Chart
From May 2023 to May 2024