Business
Acquisition of Adeal
Acquisition of Adeal.
About this update from Videndum Plc
[{"type":"text","content":"\n \nRNS Number : 9012G Vitec Group PLC (The) 07 March 2018 \n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. \n \n7 March 2018\nThe Vitec Group plc\n \nAcquisition of Adeal\n \nVitec further expands its distribution channel in APAC\n \nThe Vitec Group plc (\"Vitec\" or \"the Group\"), the international provider of products and solutions for the broadcast and photographic markets, announces that on 6 March 2018 it completed the acquisition of Adeal Pty Ltd, for a total investment of A$5.0 million (£2.8 million). The acquisition is expected to be earnings neutral in 2018 and marginally accretive in 2019.\n \nAdeal is a distributor of consumer and professional imaging products and accessories based in Melbourne, Australia, and Vitec's former Imaging Solutions distribution partner in Australia. \n \nThe acquisition of Adeal is in line with Vitec's strategy to expand in APAC and get closer to its customers through owning more of its own distribution channel. In addition to sales growth, margin consolidation and full control of channel management, Vitec's ownership of Adeal will enable the Group to consolidate its Imaging Solutions brands under one national distributor. \nAdeal will become part of Vitec's Imaging Solutions Division, led by Marco Pezzana. David Burlew, Adeal Managing Director, will remain with the company post acquisition.\nStephen Bird, Group Chief Executive of Vitec, commented: \n\"This acquisition is a further step in the Group's strategy to get closer to our customers and will build on our presence in the rapidly expanding APAC market. This is an exciting time for Vitec as we continue to launch innovative, new products for the fast growing \"image capture and sharing\" market, and I am delighted to welcome the Adeal team to the Group.\"\n-End-\nEnquiries: \nThe Vitec Group plc \nStephen Bird, Group Chief Executive \nKath Kearney-Croft, Group Finance Director \nTelephone: 020 8332 4600 \n \nMHP Communications \nTim Rowntree \nOllie Hoare \nTelephone: 020 3128 8771 \n \n \n \nA snapshot of The Vitec Group plc\nVitec is a leading global provider of premium branded produc...