Member Article

Athena Law advises on sale of Holdan Limited

Manchester based, Athena Law has advised on the sale of Holdan Limited, to Midwich Group plc, in a deal worth approximately £7.9 million.

Athena acted on behalf of Holdan, a UK based trade-only distributor specialising in broadcast, professional video and streaming technology. The company, which is a leader in the UK broadcast market, holds distribution agreements with Blackmagic Design, Panasonic Broadcast, Teradek, Datavideo and many other specialist manufacturers. Holdan reported an annual turnover of £20.6m in December 2015, and has continued to perform well in 2016.

Midwich is a specialist audio visual and document solutions distributor to the trade market, with operations in the UK and Ireland, France, Germany and Australasia. Midwich acquired 75% of the issued share capital of Holdan, and has options to acquire the remaining 25%, over the next three years on a pre-determined methodology linked primarily to earnings growth. Consideration for the initial 75% of the Company is split £3 million on completion and £1.5 million after 12 months.

Chris Daniels has stepped down as Holdan’s managing director, but will continue with the business on a full-time basis. Allan Leonhardsen, who has been with Holdan since 2003, and sales director for the past twelve years, has become Holdan’s managing director with immediate effect.

Commenting on the deal, Mr Leonhardsen said: “Although we expect business as usual for the foreseeable future, we do see this move as evidence of the growing convergence of broadcast and AV technology. Importantly, there is tremendous cultural synergy between our two organisations which help us to work together to bring new and truly innovative solutions to our respective customers. We thank Athena Law for the work they did on this transaction”.

Rick Almond, Donna Powell, and Jade Burgess acted on this deal for Athena.

This was posted in Bdaily's Members' News section by Deborah Stuttard Communications .