Altitude Group Receives Offer for Promotional Marketing Division
United Kingdom-based Altitude Group, parent to Trade Only, announced today that it had received an indicative offer for the company's promotional marketing division. The company did not disclose who made the offer at the time of print.
The Altitude Group is divided into two departments: the promotional marketing division, which offers promotional product sales, marketing and advertising services; and the information and technology division, known as Trade Only, which offers software solutions to the promotional products and print industries.
According to a statement released by the company, Altitude Group's promotional products division accounted for approximately 75 percent of the company's revenue and 74 percent of its employees. The sale of the division is conditional on shareholder approval.
"A sale of the promotional marketing division would be in line with our strategy to transform the group into a focused information and technology business under the Trade Only brand," said Altitude Group chairman Colin Cooke in an announcement. "The promotional marketing businesses have shown great improvement in the past three years and the management team has done an excellent job to return them to growth and profitability."
Last month, Trade Only completed the acquisition of Toronto-based Technologo, a virtual sample software developer. In that announcement, the company revealed that ASI had sought a temporary restraining order on the purchase, and that a hearing on the matter was scheduled for May 2. That hearing was later canceled pending further discussions.
The Altitude Group also revealed that in March 2011, ASI made an indicative offer for Trade Only, which was rejected by the board.
Stay tuned to PromoMarketing.com for more as the story develops.