The acquisition will help Midwich expand its geographical footprint and extend the support it can provide to customers and vendors internationally.
Midwich, a specialist audio-visual (“AV”) distributor to the trade market with operations across the UK and Ireland, Continental Europe, North America and Asia-Pacific, has entered into a binding agreement to acquire a majority stake in the NMK Group, which includes NMK Electronics Enterprise, NMK Middle East FZE and Edge Electronics Trading LLC. Based in the UAE and Qatar, NMK is a value-added distributor of AV products and represents Midwich’s entry into the Middle East market.
Currently based in Dubai, NMK was originally founded in Sharjah in 1987 by Nicolaos Kyvernitis. NMK Group will continue to be led by the existing management team who will retain a stake in the business, comprising Alex Kemanes (Managing Director) and Constantinos “Dino” Drimakis (Director – Business Development) who were both mentored and trained by the founder. After serving 33 years in the regional audio industry, Nicolaos Kyvernitis will retire from the business following a period of transition, post-completion.
NMK serves customers across a spectrum of vertical applications, the core of which are the retail, live-events/venues, rental sector and fixed install projects. As well as holding a substantial local stock, NMK also provides a host of ancillary services, such as project design, system assembly, servicing and repairs.
With the Middle East being one of the fastest-growing AV markets in the world, the deal further expands Midwich’s geographical footprint, enabling the Group to extend the support it can provide to customers and vendors internationally. The investment also further delivers on Midwich Group’s strategy to grow earnings both organically and through the selective acquisition of strong, complementary businesses. The deal follows the acquisition of US distributor Starin Marketing Inc. earlier in the year.
Speaking about the acquisition, Stephen Fenby, Midwich Group Managing Director, commented: “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 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. We are looking forward to working with Alex, Dino and the rest of the NMK Group team to support their growth ambitions and to further enhance our group proposition.”
Nicolaos Kyvernitis, Founder and Managing Director of NMK Group added: “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.”
Alex Kemanes, Managing Director of NMK Group remarked: “We are confident that in Midwich, we have obtained a great partner with a dynamic team, vast geographic reach and immense experience in the AV industry. I look forward to facing the future with our engine roaring joined by a team with a great vision, determination and aspiration.”
Dino Drimakis, Director – Business Development of NMK Group noted: “We now have a global partner offering support and services across the globe. Filling Mr Nicolaos’ shoes will be an enormous task which Alex and I feel confident and ready for. We are supported by a solid team of diverse, dynamic and committed people.