Acquisition of Control Industry Inc.
All Things Considered Group PLC (ATC) announced the acquisition of certain assets of Control Industry Inc. by its subsidiary, Sandbag Limited. The acquisition includes business names, intellectual property rights, and client contracts. Control Industry's CEO, Ricky Riker, will join ATC as President of Sandbag USA. The acquisition brings established client relationships, including artists like Black Eyed Peas and Billy Joel, and retail partners such as Amazon and Macy's. The total consideration is up to $0.76 million in cash, with an initial payment of $0.52 million and the remaining balance payable over nine months based on revenue targets.
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All Things Considered Group plc (AQSE: ATC), the independent music company housing talent management, live booking, merchandising, talent services and events, announces the acquisition by its subsidiary, Sandbag Limited, of certain assets of Control Industry Inc, a California based full-service merchandise management business (the "Acquisition").
Highlights
| · | Moving forward ATC's merchandise and e-commerce business, Sandbag will service existing clients of Control Industry Inc. |
| · | The Acquisition includes the purchase of core business assets, including business names, intellectual property rights and rights under client contracts. |
| · | Control Industry founder and CEO, Ricky Riker, will join ATC as President of Sandbag USA, bringing extensive experience and an established client base and will lead the sales and marketing activities of Sandbag in the US. |
| · | The Acquisition brings a number of established client relationships, including high-profile artists including Black Eyed Peas, Billy Joel, Diana Ross, John Coltrane and Simon & Garfunkel, and an established network of retail partners including Amazon, Macy's, Nordstrom, Urban Outfitters and Target. |
| · | Total consideration of up to $0.76m in cash, with an initial consideration of $0.52m and the balance payable over 9 months based on revenue targets. |
Background and rationale
Led by founder and CEO Ricky Riker, Control Industry is an established full-service merchandise management brand in the US, providing 'turnkey' merchandising management for tours and events. The Control Industry team are dedicated to delivering the best product design, manufacturing, digital services, retail, licensing and IP support to its clients. The Acquisition marks a step change for ATC in the US, broadening Sandbag's offering and further enhancing its foothold in the region.
Ricky is joining Sandbag along with three experienced team members, who bring with them deep industry expertise and established client relationships. Their addition strengthens the division's sales function and provides greater capacity to drive growth in the US market.
Adam Driscoll, CEO of ATC, commented: "The acquisition of Control Industry's assets and the appointment of Ricky Riker as President of Sandbag USA mark an exciting step forward in ATC's operations in the United States. Supported by his team, Ricky brings strong client relationships, proven sales expertise, and a deep understanding of the US market. We are confident that this acquisition will accelerate our growth and further strengthen our ability to support artists with a full suite of services."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.