SYDNEY, AUSTRALIA: Ambertech Limited (ASX:AMO) has reached an settlement to purchase the distribution enterprise of Convoy International. The acquisition represents one other important step in executing Ambertech’s strategic growth plan.
The consideration for the acquisition is anticipated to be, net cash, within the order of $2.8m-$3.0m, and includes stock and accounts receivable dependant on valuation at settlement; enterprise use assets; and goodwill of round $0.5m, topic to final valuation.
Peter Amos, Managing Director of Ambertech said: “We are very happy to be including prestigious Convoy manufacturers to our portfolio such as NAD, Bluesound, and JBL Home. These manufacturers allow Ambertech to expand our options for residential installers and specialist HiFi sellers and consolidates our place because the provider of option to those markets.”
Robert Glasson, Chief Operating Officer at Ambertech added: “We have established a strong set of acquisition standards as a fundamental element of our growth strategy, and Convoy is a enterprise that we have been following for a lot of years. Identifying premium brands, strategic relationships and high quality people stays key. Delivering growth with out compromising the support we offer for our manufacturers within the market is critical.
Our operations team will now work towards a profitable completion and integration of the Convoy business.”