London-based communications group Tangent has acquired multi-national printing firm Goodprint, in a deal worth £10m.
The AIM-listed company funded the acquisition through distributing £10m worth of equity, of which 30% was subscribed for by management and the remainder by both existing shareholders and new institutions.
The equity placing, which was oversubscribed by 55% on the market price will be used to accelerate Tangent’s multi-brand web division, which consists of Goodprint and its European brand Smile Print, as well as Tangent’s previously acquired printing site Printed.com.
With Goodprint currently operating in 17 countries including Germany, France and the Netherlands, the acquisition is set to boost Tangent’s international presence.
Goodprint, which delivered £1.2m of operating profit in 2012, will also provide Tangent with access to innovative mobile technology.
Tim Green, CEO of Tangent said: “This acquisition represents a step change for our business. This industry is expanding and we intend to be amongst the leaders.”