LONDON (ShareCast) - (ShareCast News) - Broadcast and photographic products and solutions provider, the Vitec Group, has completed the acquisition of Adeal for a total investment of AUD 5m (£2.8m), it announced on Wednesday.
The London-listed firm said the acquisition was expected to be earnings neutral in 2018 and marginally accretive in 2019.

Adeal is a distributor of consumer and professional imaging products and accessories based in Melbourne, Australia, and Vitec's former imaging solutions distribution partner in Australia.

The board said the acquisition of Adeal was in line with its strategy to expand in the Asia-Pacific region, and get closer to its customers through owning more of its own distribution channel.

In addition to sales growth, margin consolidation and full control of channel management, Vitec's ownership of Adeal would reportedly enable the group to consolidate its imaging solutions brands under one national distributor.

Adeal would become part of Vitec's imaging solutions division, led by Marco Pezzana.

David Burlew, Adeal's current managing director, would remain with the company post acquisition.

"This acquisition is a further step in the group's strategy to get closer to our customers and will build on our presence in the rapidly expanding Asia-Pacific market," said group chief executive Stephen Bird.

"This is an exciting time for Vitec as we continue to launch innovative, new products for the fast growing 'image capture and sharing' market, and I am delighted to welcome the Adeal team to the group."

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