PDM Buys Drinks Researcher Canadean

London-based business information provider Progressive Digital Media (PDM) - which owns research firms The iD Factor and ICD Research - has acquired soft drink and alcohol research consultancy Canadean for £9m in cash and through the issue of nearly 7 million shares.

PDM is a content-based digital media business, which was formed in June 2009 through the reverse acquisition of TMN Plc. The firm says the acquisition of Canadean provides a platform from which to expand into other global verticals allied to the beverage market and its supplier industries.

Founded in 1973 and headquarted in Basingstoke, UK, Canadean sources information about many of the world's largest beverage companies; both soft drinks and beer, as well as key suppliers to the industry across packaging, raw materials and ingredients. In 2008, the company expanded its global packaging consulting practice through the acquisition of Landell Mills Consulting.

For the financial year ended 31 December 2009, Canadean reported revenues of approximately £6.4m and net assets of around £1.0m.

As part of the deal, founder, Chairman and CEO Kelsey van Musschenbroek will join the PDM Board as a Non-Executive Director.

The acquisition will be financed by a £9m three-year amortising loan facility provided by PDM Chairman Mike Danson, who is the former CEO of business information group Datamonitor, which was sold to Informa in 2007 for £502m. The sale will also be funded by the issue of 6,944,445 new PDM ordinary shares.

Web sites: www.progressivedigitalmedia.com and www.canadean.com .