2nd Sep 2015 06:49
LONDON (Alliance News) - Sports and leisure equipment maker Tandem Group PLC on Wednesday said it has struck deal to acquire ESC (Europe) Ltd for an initial GBP2.1 million in cash.
Tandem will acquire the company for GBP2.1 million upfront, with up to a further GBP750,000 to be paid over the next 12 months based on ESC meeting profit targets.
ESC is an online retailer of gazebos, party tents, household kitchen and fishing products. It operates the Airwave, Windbar, Jack Stonehouse and Carpzone brands.
Tandem said the company will complement its existing Pro Rider Ltd e-commerce business and will broaden its online product range.
"We are pleased that we have made this acquisition which will enable us to build further on our online trading platforms. Many of the products in the ESC portfolio complement our existing sports and leisure ranges and we look forward to the prospect of further growth," said Tandem Chairman Mervyn Keene.
By Sam Unsted; [email protected]; @SamUAtAlliance
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