Online Printing Company Parent Makes Acquisition
LONDON, November 9, 2012 /PRNewswire/ --
Tangent Communications owner of printed.com; provider of sticker printing ( http://www.printed.com/products/32/stickers--labels ) and general online printing services, has announced the acquisition of the entire issued share capital of the multi-national online company Goodprint for £10.2 million.
The Acquisition will provide access to Goodprint's 120,000 existing customers, and boosts Tangent's international profile with immediate presence in 17 countries, including France, Germany, and the Netherlands, and gives access to Goodprint's innovative mobile technology. Goodprint delivered an operating profit of £1.2m for the year ended September 2012;
The Concert Party, comprising Tangent chairman Michael Green, chief executive Timothy Green and executive director Nicholas Green, will acquire 32.6m of the placing shares, taking their combined shareholding to more than 91m shares (33% of the enlarged share capital).Part of the proceeds from the placing will be used to "accelerate investment in online growth" for Tangent's Printed.com brand and Goodprint's goodprint.co.uk and pan-European smileprint brands. Timothy Green said in a statement: "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."
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