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Progressive Digital Media acquires Canadean

Last updated the 07-Sep-2010 at 09:23 GMT

International digital media company Progressive Digital Media Group has completed its acquisition of Canadean, a market research firm that specialises in beverages.

The entire issued share capital of the firm has been sold for a total of £9m along with 6.94m shares.

Progressive sees the venture as an opportunity to expand into other global verticals associated with the beverage market and supplier industries.

Canadean believes the joining of the enlarged Progressive Media Group will increase its earnings within the first twelve months of acquisition.

Kelsey van Musschenbroek, a founder, chairman and CEO of Canadean will join the board of Progressive as a non-executive director from 1 September 2010.

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