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Monday, 14 Dec 2020 10:06 GMT
Midwich to acquire majority stake in NMK Group
Audio visual specialist distributor Midwich Group has entered into a binding agreement to acquire a majority stake in NMK Group.
Comprising the NMK Electronics Enterprise, NMK Middle East FZE and Edge Electronics Trading operations, the NMK Group is based in the UAE and Qatar and supplies specialist audio visual products to customers.
Financial terms of the deal were not disclosed, but it was confirmed that NMK Group will continue to be led by the existing management team, who will also retain a stake in the business.
Alex Kemanes will remain as managing director and Constantinos Drimaki as director of business development.
Stephen Fenby, managing director of Midwich, comments: “This is an exciting day for the Midwich Group. It not only marks the group’s entry into one of the fastest growing AV markets in the world, but also means we now have a presence in all major global territories.
This is an exciting day for the Midwich Group
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“This means the Midwich Group has a truly global footprint, and ensures we are able to support our customers across all key geographies.
“NMK has built a strong reputation for service and its value-add model is an excellent fit with Midwich’s global offering.”
Nicolaos Kyvernitis, founder and managing director of NMK Group, who will retire when the deal completes, adds: “After serving this regional audio industry for almost 35 years, I believe this is the right time to move forward.
“I am confident that I leave my employees in good hands as Stephen’s team share the same vision, which is why we considered Midwich as the only suitable partner for us to move forward.”
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