The Company is pleased to announce that it has completed the acquisition of the entire issued share capital of Canadean for a total consideration of £9,000,000 in cash and the issue of 6,944,445 shares.
Canadean is a leading provider of business and market intelligence to the global beverage industry. Founded in 1973, Canadean has established an enviable position in place, providing high quality business critical information for many of the world’s largest beverage companies, both soft drinks & beer, as well as key suppliers to the industry across packaging, raw materials and ingredients.
For the financial year ended 31 December 2009, Canadean reported revenues of approximately £6.4 million and net assets of approximately £1.0 million.
The Company believes that with the benefits of being part of the enlarged Progressive Digital Media Group, the acquisition will be earnings accretive within the first twelve months post acquisition. Moreover, this acquisition provides Progressive with the platform from which to expand into other global verticals allied to the beverage market and its supplier industries.
The Company is also pleased to announce that Kelsey van Musschenbroek, a founder, Chairman and CEO of Canadean, has agreed to join the Board of Progressive as a Non-Executive Director.
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