LONDON (ShareCast) - (Sharecast News) - Toy and game distributor Character Group has exchanged contracts for the acquisition of the Chill Factor branded range of drink chilling bottles and slushy makers.

Character said on Monday that it has been involved with the brand since 2013 and was already its exclusive distributor in the UK and Scandinavia.

The AIM-listed group stated the acquisition was for a total purchase price of $1.31m payable in cash on completion, which was provisionally scheduled for 16 July.

Character added that it believes sales from the Chill Factor business can be grown "significantly" under its stewardship.

Joint-managing director Jon Diver said: "We know the Chill Factor brand well, having represented and nurtured it in the UK since 2013.

"This is an attractive addition to our own-brand portfolio, and we see the potential for significant development of the product offering and for growth in sales for this range. It is also a great project to deliver to our product design teams and to further demonstrate and expand our international distribution capabilities."

As of 1155 BST, Character shares were up 0.18% at 688.75p.

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