Midwich acquires audio VAD Sound Technology

Diss-based distributor continues acquisition spree

Midwich has continued its acquisition spree with a deal to take over Letchworth-based Sound Technology.

Sound Technology, which saw revenue top £20m in its last financial year, will continue to operate as an independent company but will become a subsidiary of the Midwich group.

Midwich has been in an acquisitive mood since going public, acquiring distributors in the UK, Spain, New Zealand and the Netherlands.

In the same period Midwich's share price has rocketed on London's AIM, with its share price up over 120 per cent from when it listed last year.

Of the acquisition Stephen Fenby, managing director at Midwich, said: "The acquisition of Sound Technology substantially enhances the group's ability to provide world-leading products and high-value-add audio solutions to our trade customers.

"In addition, I believe that the high level of support Sound Technology provides to its vendors is very close to our proven strategy as a specialist distributor. The company's recent entry into the professional lighting market is an exciting proposition and complements our current offering in the Benelux and Iberia regions.

"I look forward to welcoming the Sound Technology team into the Midwich Group and working with them to further develop this marketplace."

Midwich has acquired a 100 per cent stake in Sound Technology, with founder Robert Wilson set to remain as chairman.

Managing director David Marshall said: "At a time when our company is going through tremendous growth in our original MI (music instrument) and pro-audio markets, and of course through our new professional lighting division, we are delighted to be joining the Midwich Group.

"Having the financial resource for sustained expansion, together with access to a wealth of shared expertise, provides a structure for Sound Technology to continue to develop markets for our represented brands, and to enhance the service and support provided to our customers."