Midwich Buys Starin for About $50 Million
In a deal that is incredibly strategic for Midwich, the UK-based company announced this week that it’s purchased ProAV distributor Starin, headquartered in Chesterton, Indiana. Starin had revenue of about $200 million in 2019. Although the official announcement didn’t say how much Midwich paid for Starin, rAVe has learned the deal is worth under $50 million. It was reported by various UK financial press this week that Midwich will raise GBP 39.7 million (equivalent to $46 million in U.S. dollars) in equity specifically to buy Starin Marketing, Inc. That’s a really great deal.
Founded in 1988, Starin has grown from a small Midwest-based organization to complete coverage of North America. Jim Starin, founder, built the business by empowering the team from management to all associates through principle-centered responsibility. The company is now majority-owned by its employees, creating a culture of accountability and engagement. Starin manages for EBITDA and shareholder value growth. Starin maintains 100,000+ square feet of warehousing and it’s currently led by the senior management team of Bill Mullin (CEO), Bill Pak (COO) and Bobby Swartz (president).
Based in Norfolk, UK, Midwich is 40 years old this year and owns companies in the UK, Ireland, France, Germany, Australia and New Zealand. Starin is its first US-based acquisition.