SYDNEY, AUSTRALIA: Ambertech Limited (ASX:AMO) has reached an agreement to acquire the distribution business of Convoy International. The acquisition represents another important step in executing Ambertech’s strategic growth plan.
The consideration for the acquisition is anticipated to be, net cash, in the order of $2.8m-$3.0m, and includes inventory and accounts receivable dependant on valuation at settlement; business use assets; and goodwill of around $0.5m, subject to final valuation.
Peter Amos, Managing Director of Ambertech said: “We are very pleased to be adding prestigious Convoy brands to our portfolio such as NAD, Bluesound, and JBL Home. These brands allow Ambertech to expand our solutions for residential installers and specialist HiFi dealers and consolidates our position as the supplier of choice to these markets.”
Robert Glasson, Chief Operating Officer at Ambertech added: “We have established a strong set of acquisition criteria as a fundamental element of our growth strategy, and Convoy is a business that we have been following for many years. Identifying premium brands, strategic relationships and quality people remains key. Delivering growth without compromising the support we provide for our brands in the market is critical.
Our operations team will now work towards a successful completion and integration of the Convoy business.”