11th Jun 2021 11:34
(Alliance News) - Supreme PLC on Friday said it has acquired Irish battery and lighting products distributor Vendek Ltd for up to EUR1.8 million.
The move is Supreme's first acquisition since its initial public offering on AIM in February. The company described the deal as "an excellent platform from which to further penetrate the European markets."
The cash deal will see Supreme pay EUR1.1 million on completion, EUR300,000 in deferred payments over a two-year period and up to EUR450,000 subject to performance targets.
Manchester-based Supreme supplies products across batteries, lighting and vaping, in addition to brands it owns including 88Vape.
The acquisition is expected to be immediately earnings enhancing.
"We are delighted to be announcing what we believe to be a strategic acquisition in Vendek," commented Chief Executive Sandy Chadha.
"I have personally known this business for a number of years and firmly believe the combination of our two Ireland operations will significantly accelerate our growth aspirations and foster potentially stronger levels of cross-sell opportunities across our categories."
Shares in Supreme were up 1.3% at 202.50 pence in London on Friday.
By Will Paige; [email protected]
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