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(Alliance News) - Midwich Group PLC on Tuesday acquired a controlling stake in DVS Ltd's parent company Cooper Projects Ltd.
The audiovisual technology distributor has purchased 65% in Cardiff-based Cooper Projects for GBP8.6 million in cash.
This will be followed by an additional fixed and performance-linked amount of up to GBP6.4 million a year later.
The company's remaining 35% share capital will be held by Managing Director Tim Goodson, Commercial Director Gavin Dunleavy and Chief Technology Officer David Davies, who will continue to run it, Midwich explained.
Cooper Projects is the parent company of likewise Cardiff-based DVS, a distributor of video security products.
It generated revenue of GBP37.4 million and GBP2.1 million in pretax profit for the year ended October 31.
The acquisition is expected to give Midwich access to a segment of the audio-visual market it currently has "little presence" in, but is predicted to grow around 8% per year for the next five years.
"The knowledge and support of the experienced DVS team should help realise new opportunities for our customers in an increasingly converging technology market. Similarly, we believe that much of DVS's extensive customer base uses or could use our core audio-visual products in their projects. We are very excited at the prospect of supporting Tim, Gavin, David and the rest of the DVS team in accelerating the growth of the business," Managing Director Stephen Fenby said.
Shares in Norfolk, England-based Midwich were down 0.7% at 616.56 pence each on Thursday afternoon in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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