The Board of Tandem Group plc (TND.L) announced it has acquired 100% of the share capital of leisure products business, E.S.C. (Europe) Ltd. ESC is a leading online retailer of gazebos, party tents, household, kitchen and fishing products under the Airwave, Windbar, Jack Stonehouse and Carpzone brands.
The Board believes that ESC will complement the Group's existing ecommerce business, Pro Rider Limited, and broaden the online product range. The acquisition is expected to be earnings enhancing for the company in its first full year of ownership.
The initial consideration for the acquisition is 2.1 million pounds to be paid in cash. Additional consideration, also to be paid in cash, is likely to be approximately 0.55 million pounds, but up to a maximum of 0.75 million pounds, payable over the next twelve months and subject to ESC fulfilling certain profitability criteria.
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