Newspaper article Manchester Evening News

K3 Expands Footprint in Pounds 8.1m Deal

Newspaper article Manchester Evening News

K3 Expands Footprint in Pounds 8.1m Deal

Article excerpt

IT solutions supplier K3 is expanding its European footprint after agreeing to buy a Danish retail software business.

The Pounds 8.1m acquisition of Retail Support International ApS, trading as DdD Retail, will be funded by a Pounds 13.5m placing at 330p, allowing headroom for working capital demands and further acquisition opportunities.

Established in 1989 and headquartered in Denmark, DdD also operates in Germany, Sweden and Norway and has approximately 750 customers across 1,800 stores.

Customers include Esprit, the sportswear chain and Saint Tropez, the women's fashion brand. K3 said the acquisition, together with the full extent of the placing, is expected to be earnings enhancing in K3's next full financial year.

Lars-Olof Norell, chairman of K3, said: "We are very pleased to announce the acquisition of DdD which marks an important step in our strategy to increase sales of products with a significant element of K3-owned IP. …

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