Cheltenham-headquartered Pennant International Group which exports technical training solutions around the world to train the next generation of engineers in defence and regulated civilian sectors, has bought Absolute Data Group Pty Ltd, an Australian software business for £3.44 million
Phil Walker, the CEO at Pennant, said: “We have known and admired the ADG business for some time so we are delighted to have exchanged contracts for its purchase by Pennant. There are clear synergies between our respective businesses and numerous opportunities to provide an end-to-end solution to the users of our products. We are looking forward to working with the vendors, Tammy and Michael, as ADG moves into an exciting new phase.”
ADG currently has revenues of £1.22 million, and profits before tax of £0.47 million. The company also has a well-established US trading subsidiary which accounts for approximately 65 per cent of the target group’s sales.
Pennant says the acquisition will enable it to expand its presence in its target growth markets of North America and Australasia.
The ADG business will form part of an enlarged, enhanced ‘Integrated Logistics Support’ at Pennant, offering focused on the provision of software and other support services.