Audio visual (AV) distributor Midwich has this afternoon finalised an agreement to buy struggling competitor Owl Visual Systems from administration.
East Sussex-based Owl operates in the high-end projector and large format display market, boasting contracts with the likes of Sanyo, Philips, Mitsubishi and Panasonic.
The distributor, which has 20 staff and a turnover of £15m, will operate as a stand-alone division of Midwich.
Owl recently admitted it was restructuring its business but said it hoped to continue trading after appointing a ‘consultancy’ to sound out buyers (CRN, 4 February).
The distributor, which performed a management buy-out around two years ago, recently lost a key contract with NEC.
Shaun Marklew appointed to manage the Owl Visual Systems division, said: “This is great news for our customers and manufacturer partners.
“I’ve worked at Owl for ten years but also had a spell with Midwich so I know the management team well and look forward to the opportunities this will bring. Owl will retain its own strong identity offering a range of AV products and services; however we'll have access to the financial, management and administrative resources of a larger group.”
Commenting on the Owl acquisition, Nick Culley, Managing Director of Midwich, said: “We’ve respected and followed Owl’s progress for many years. Their products, services and customers are a very good fit for Midwich and we both share the same passion for delivering a first class service to our business partners. It’s great to have Shaun on board again and we already have some exciting plans for Owl.”
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