In a true channel rags-to-riches story, Mitek Group has sold a controlling interest in the firm to multinational investment body Global Management Group Holdings.
The deal, which CRN understands is for a seven-figure sum, incorporates companies within the Mitek Group, including Mitek Computer Components and Optronix.
Staffordshire-based Mitek Group first hit the headlines when it entered a Company Voluntary Arrangement (CVA) earlier this year (CRN, 10 October). It later revealed it would be getting out of distribution altogether by quitting sub-distribution and rebranding as a wholesale supplier.
Speaking to CRN last week, Malcolm Roach, Mitek Group managing director, said: “Global Management plans to place significant focus behind the company for the development of our new wholesale operation.
“The acquisition will not affect the proposals that were put to Mitek’s creditors, but with the promised investment, both the Mitek and Optronix businesses will grow from strength to strength.
“The overwhelming majority of Mitek Components creditors who supported us earlier this year will not be disappointed. We have gone from the depths of despair to this present situation, despite the banks and credit insurers, and an exciting future lies ahead,” he said.
A representative from Global Management Group Holdings said in a statement: “We are introducing substantial new investments to move the Mitek Group into new areas in the electronics industry and we will be expanding the Optronix range of products worldwide. We know we have acquired a firm foundation from which to move our global operations forward, and we will make major expansions over the next few years.”
Nitin Joshi, partner at insolvency specialist Vantis, which oversaw the CVA, said: “This is a great success story. What it means is that the trading group has recognised the strength of Malcolm’s business acumen. Mitek group has a very mature infrastructure and it can be used as a funnel to distribute a wide range of products.
“Its success does give hope to other ailing sub-distributors out there in a sector that has struggled for the last few years.”
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