Midwich Group snaps up professional audio and technical solutions products distributor prodyTel Distribution.
The outfit will acquire 51 per cent of prodyTel’s share capital for £7.4 million with plans to buy the rest in June 2024 for £7.1 million. An additional performance-linked £4.8 million will be payable in cash in 2026.
Midwich Group MD Stephen Fenby said: “We are delighted to have reached an agreement to acquire prodyTel, which will strengthen our technology offering in the DACH region.
Based in Stein, Germany prodyTel was founded in 2003, originally as a manufacturer of audio codecs before switching its focus to distribution in 2014.
From there, it has developed a vendor portfolio that includes brands such as Biamp, Aver and Jabra, with a particular focus on the corporate and education market. It operates across Germany and employs 30 staff.
The newly acquired group supplements its core distribution services with a suite of value-add services for its trade customers throughout its home territory.
Last year, the company generated revenues of £19.2 million and profit before tax of £3.5 million. Gross assets at 31 December 2022 were £5.6 million.
ProdyTel MD Christian Carrero, said: “Not only have I developed a lot of personal relationships over the last 20 years with many people within the Midwich family, but prodyTel has often found itself working alongside Kern & Stelly on common projects. From these interactions, I had already developed a positive feeling about the corporate culture in Kern & Stelly.”
