Progressive Digital Media has acquired the Hampshire-based market research company Canadean for £9 million.
Progressive Digital Media has acquired the Hampshire-based market research company Canadean for £9 million.
The acquisition is to be financed by a £9 million three-year loan from Progressive’s chairman, Mike Danson.
Canadean carries out market research on the global beverage industry. Founded in 1973, its information is provided to soft drinks and beer companies as well as to industry suppliers such as packaging producers. The company employs over 130 staff and in 2009 reported revenues of around £6.4 million and has net assets of £1 million.
London-based Progressive is a digital media and marketing company with offices in the US, India and Australia. In 2009 the company reported a pre-tax loss of £3 million on sales of £37.1 million. The acquisition is predicted to be earnings accretive within the first twelve months post completion.
Kelsey van Musschenbroek, a founder, chairman and CEO of Canadean, will join the board of Progressive as a non-executive director.
