Communications group acquire business card firm
London communications group Tangent Communications, has acquired Thetford business card firm, Goodprint for £10.2m.
The acquisition will provide Tangent with access to Goodprint’s 120,000 existing customers across Germany, France and the Netherlands.
It will be funded by a £10m placing, in which Tangent directors will subscribe for over 30% of the Placing Shares.
Timothy Green, Chief Executive Officer of Tangent, commented: “Goodprint will sit alongside the existing printed.com business to create a multi brand web division. Printed.com has seen revenues grow by more than 100% in the six months to the end of August 2012. We believe that the combined company will be a major force in the rapidly growing market of small businesses and consumers who value the convenience online customisation and personalisation offers.
“Through the acquisition, Tangent will gain instant access to an international market since Goodprint already operates in 17 countries, including Germany, France, and the Netherlands. The deal will also boost Tangent’s portfolio with access to a greater range of creative templates for marketing materials, over 120,000 new customers across Europe and an immediate presence on mobile.
“This acquisition represents a step change for our business. This industry is expanding and we intend to be amongst the leaders.”
Tangent also posted interim results, showing revenues were up £1m, all derived from online. The group’s printed.com firm expected lower margins as they invested in online infrastructure and worked to “better optimised our product range.”