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Disposal of Non Core Asset of Altitude Group plc

13th July 2011


Zeus Capital, the Manchester based Corporate Finance Adviser, is pleased to announce that they have advised Altitude on a vendor lead management buy out of its Promotional Products Division for £6.27 million. Altitude is a promotional merchandise and marketing solutions group and this transaction removes any potential channel conflict issues and allows the management focus to be on the high growth Information and Technology Division which has now developed a SaaS Model which enables promotional products distributors to provide quotations and virtual samples to potential customers, process & track orders from start to finish.

The promotional products division has been acquired by Stridage Limited, which is a new company established to effect the purchase and which is partly owned by certain members of the management teams of these businesses.

The Promotional Marketing division is one of the UK’s leading providers of promotional merchandise to corporate and trade customers and has been built through a combination of organic growth and bolt-on acquisitions. The business has its main distribution centre, printing facilities and customer service operations in Middleton, Greater Manchester where it employs 65 people.

Alex Clarkson and Richard Hughes have known Martin Varley the CEO and major shareholder of Altitude for a number of years and helped Martin with his original IPO and fundraise for Altitude in 2005 at which time Martin had already identified this trend and the opportunities shaping the promotional merchandise market. We were therefore very pleased to help Altitude source finance from GE Capital and structure this management buyout.

Tremayne Ducker, Director at Zeus Capital, commented:
“We believe this represents an excellent opportunity for both Altitude and the management team of the promotional products business. The innovative deal structure was a key part of delivering the deal in a very short time period.”