Altitude Group completes £0.8m acquisition of AdProducts.com

The AIM-traded firm had initially announced the acquisition as part of its placing to raise up to £3.6m on 17 May.

At the time, the company said the net proceeds of the placing would be used to ensure it had the “flexibility of funding” to “significantly increase” the number of US Channl.com websites created for distributors and end users, gain traction in terms of ther “activation and engagement” and support the UK launch of Channl.com through a conditional asset purchase agreement entered into for the acquisition certain assets of AdProducts.com.

The company said the purchase was for a cash consideration of £0.8m, and was conditional primarily on the receipt of relevant vendor bank consents.

“AdProducts is a UK supplier of promotional products direct-to-trade supplying 1,600 distributors in the UK,” Altitude’s board said in a statement.

“The acquisition will facilitate the launch of Channl in the UK, enabling distributors and their customers to trade online.

“AdProducts’ 2016 revenue was £3.5m with a profit before tax of £0.3m.”