Pennant International Group plc, the Cheltenham-based AIM-quoted defence and regulated civilian sector training and support business has completed its £3.44 million acquisition of Australian company Absolute Data Group Pty Ltd (ADG).
Based in Brisbane ADG reported revenues of $2.2 million (£1.22 million). The company has a well-established US trading subsidiary which accounts for approximately 65% of the target group’s sales. Current customers include defence departments and major original equipment manufacturers.
Tammy Halter, ADG’s managing director has been appointed as Pennant’s regional managing director for Australasia.
Pennant’s acquisition of ADG will help it diversify and reduces the Group’s reliance on substantial engineered-to-order contracts, as well as providing Pennant with an expanded presence in its target growth markets of North America and Australasia.
Phil Walker, Pennant CEO, said: “I am delighted to confirm the acquisition and welcome Tammy, Michael and the ADG team into the Pennant Group. We look forward to working together to integrate and grow this exciting business.”