Distributor Midwich heading for AIM

Trade-only technology distributor Midwich, which has warehousing in Sutton Coldfield, expects to raise £75.2m through its float on AIM.

The company  is a specialist audiovisual (AV) and documents solutions distributor to the trade market. It has operations in the UK and Ireland, Europe and Australasia and its product portfolio includes large format displays, projectors and printers.

Midwich has announced it plans to raise the capital through the placing of almost 36.2 million new and existing shares at 208p per share.

The business is set to have a market capitalisation of £165.3m on admission, which is expected to take place on 6 May.

About £26m of the placing proceeds will be used partially pay down debt under its existing facilities, fund the cash consideration relating to the acquisition of Kern & Stelly and repay existing shareholder loans. Meanwhile, approximately £49.2m is for the benefit of selling shareholders.

Managing director Stephen Fenby said: “We are delighted to announce the pricing of our IPO and forthcoming admission to AIM.

“Today represents an important milestone in the group’s history and becoming a public company will further enhance Midwich’s leading competitive position as a specialist AV and document solutions distributor to the trade market.

“I would like to welcome our new shareholders and I am very excited about the next stage of our journey as we continue to grow both in the UK and internationally.