LONDON, UK: ATC Group plc (AQSE: ATC), a music company that offers talent management, live booking, livestreaming and talent services, has announced that it has completed the acquisition of a 60 per cent. stake in Sandbag Limited, a company that provides merchandise solutions for artists and brands.
The acquisition, which was announced on 28 June 2023, was supported by shareholders and funded by a placing of new shares. The deal values Sandbag at £10 million and is expected to be earnings enhancing for ATC.
ATC said the acquisition will enhance its direct to consumer offering and expand its range of artist services. Sandbag has a strong track record of working with leading artists such as Radiohead, Adele, Arctic Monkeys, Nick Cave and Kylie Minogue.
Adam Driscoll, Chief Executive of ATC, said: “We are delighted with the support shown from shareholders and we are now able to confirm our acquisition of a majority holding in Sandbag. We see great potential to accelerate our growth opportunity with the addition of Sandbag’s merchandise expertise. This is a highly complementary addition to our comprehensive range of artist services and it enables us to continue to build a direct to consumer offering. We welcome our new colleagues to the ATC family and look forward to the future as a combined Group.”