Adare completes £13.5m acquisition

Adare Printing Group has completed the acquisition of Kalamazoo Security Print for £12 million sterling (£13.5 million). At the time of completion, the assets represented £7.16 million, including £1 million in cash, and goodwill of £4.92 million. The deal will involve a further payment if net assets and goodwill are in excess of £12 million as confirmed on completion of the accounts on July 31st 1997. Adare said this is expected to be less than £100,000. Kalamazoo will bring annual sales of Adare up to IR£150 million. The open offer was taken up by 76.3 per cent of the shareholders, which Adare said exceeded expectations, and "considerably reduced the shares available in the subsequent placing".