UK-based AV distributor Midwich has made its first acquisition with Starin Marketing for a reported price of $46.1 million.
“We are delighted that the Starin team has chosen to join the Midwich Group and we are very excited at the prospect of working with them on Midwich’s first investment in the world’s largest AV market," said Stephen Fenby, managing director of the Midwich Group. "The partnership will allow us to broaden our support to international customers, and further strengthen our relationship with current and new group vendors. This acquisition also adds to the group’s UC capabilities, providing additional expertise in a strategically important market.”
According to Midwich, Starin generated over $200 million in revenue in the last financial year and is currently led by CEO Bill Mullin, COO Bill Pak, and president and Bobby Swartz—all of whom will remain with the business and continue to drive Starin’s growth strategy.
“Midwich has a very similar culture and focus on AV communications, while at the same time is keenly interested in having us go to the next level in our strategic initiatives and alliances," said Mullin. "It was the best fit from many options we considered for advancing. Midwich’s existing global infrastructure gives us a platform for continued coverage and growth, in addition to providing resources for elevated structural, operational, and financial capabilities. The potential shared chemistry between the Midwich companies is powerful. Best of all, our partners will benefit in significant ways.”
According to Proactive, Midwich is paying $27.1 million in cash for Starin and taking on the acquired company’s debt of $19 million.
