Midwich Group has entered a binding agreement to acquire Nimans and its subsidiaries from Nycomm Holdings.
Based near Manchester, Nimans was founded in 1981 and trades with over 2,500 telephony, IT and retail customers and employs over 200 staff. In its latest audited financial statements, for the year ended 31 December 2020, Nimans generated consolidated revenues of £114.3 million and profit before tax of £5.8 million. Net assets (excluding net cash balances) at 31 December 2020 were £11.4 million.
The transaction has been undertaken on a cash free/ debt free basis. Completion is subject only to FCA approval and expected in the first half of 2022.
Stephen Fenby, Midwich Group Managing Director, commented: “I believe that the combined skill sets and capabilities of Midwich and Nimans bring a unique offering into the market with the ability to provide complex solutions involving multiple technologies. I look forward to welcoming the whole Nimans team into the Midwich Group.”
The deal will be funded from Midwich’s existing facilities and is expected to be earnings enhancing in the year to 31 December 2022. The aggregate consideration of £27.5 million will be paid in cash. The initial consideration of £16.5 million payable upon completion of the acquisition will be followed by two fixed instalments of £5.5 million each after twelve and twenty four months respectively.
This follows on from the news that Midwich acquired DVS in January.
