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Midwich acquires majority share in Prase

Midwich acquires majority share in Prase
Midwich MD Stephen Fenby

Midwich acquires majority share in Prase

World:

Midwich Group’s global reach, which includes distribution offices across the UK, Ireland and Asia Pacific/Australasia, has extended its presence in Continental Europe by acquiring an 80% stake in Italian AV distribution firm, Prase Engineering.

Prase Engineering was formed in 1993 by Alberto and Ennio Prase, who will both continue to run the business as sales director and managing director, respectively. The company represents a vast A–Z of pro audio and video solutions manufacturers, including Apart Audio, Biamp, Epson, Genelec, LG and Shure.

The acquisition, which sees Midwich enter the Italian market, is part of the group's ongoing strategy to build its operations through both organic development and selective acquisitions. An initial cash consideration of €7 million will be followed by four fixed payments of an aggregate of €6.4 million over the next two years. In addition, the option is in place for Midwich to purchase the remaining 20% of Prase in three years' time or later.

‘We are delighted to welcome Ennio, Alberto and the Prase team to the Midwich Group,’ commented Midwich MD, Stephen Fenby. ‘The company has a very strong reputation, not only in Italy, but also in the European AV market as a whole. As the market-leading professional audio distributor in Italy, Prase has an excellent portfolio of vendor partners and a broad customer base that it services with an extensive range of value-added support. This acquisition adds to the group's already formidable capability in the European professional and installation audio sectors. We believe that with the acquisition of Prase, Midwich now has a presence in countries representing over 80% of the European AV market.’

Prase managing director, Ennio Prase, explained the benefits of joining the Midwich Group: ‘[We] were particularly excited about joining a business with a focus on specialist, value-added distribution. Using the expertise and resources of Midwich, this new relationship will allow us to further accelerate Prase's growth. Alberto and I are delighted to be joining the Midwich Group and are very much looking forward to working with our new colleagues.’



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