Midwich raises tricolor after closing SIDEV acquisition


Midwich raises tricolor after closing SIDEV acquisition

Microscope contributor

Midwich has made its first acquisition in mainland Europe after buying certain assets and the trade of small, troubled French AV distributor SIDEV. 

The Lyons Commercial Court has agreed to the sale of the specialist trade wholesaler which had been part of integration group Soft that was placed into the French equivalent of administration twelve months ago due to cash flow difficulties.

Talking to MicroScope, Midwich boss Nick Culley said it had been looking to set up a base on the continent for some years.

"This gives us a base in mainland Europe and we'll continue to monitor any opportunities out there," he said.

Only recently, Midwich warned of the expected cuts to UK public sector spending that are likely to curtail investment in ICT and AV in areas including education.

However, penetration of projectors and whiteboards in the French education market is relatively low and Culley claimed the Government is likely to make more funds available.

Midwich did not disclose the amount paid for the acquisition but agreed the majority of its investment would be spent on upgrading the IT and comms infrastructure, adding to the 16 staff and on additional marketing.

Current SIDEV director Marc Piegay, who will continue to run the company, said it had been through a "very challenging year" as a lack of credit insurance prevented it from carrying stock and meant it had lost sales.

"We aim to quickly restore the business to its previous levels," he said.

In 2009, SIDEV's sales were €9m.  

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