Midwich paying £15m for majority stake in video security firm
Midwich Group, a Norfolk-based global specialist audio visual specialist, has acquired a controlling stake in Cooper Projects which distributes video security products.
Midwich has acquired 65 per cent of the Cardiff company’s share capital for an initial £8.6 million cash. This will be followed by an additional fixed and performance linked amount of up to a maximum of £6.4m twelve months later.
The remaining 35 per cent of Cooper’s share capital will be held by Tim Goodson (managing director), Gavin Dunleavy (commercial director) and David Davies (CTO) who will continue to run the business.
DVS was founded in 2003 as a specialist distributor of CCTV and associated video recording technologies in which it has developed a strong market reputation working primarily with leading global brand HikVision. In recent years, DVS has begun to diversify its portfolio to include complementary technologies such as access control, intercom, and intruder detection.
Stephen Fenby, Midwich Group managing director, said: “The acquisition gives Midwich access to a significant segment of the AV market in which we currently have little presence and which is expected to grow at around eight per cent per annum 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.”