Pennant International Group plc, a global provider of training technology and integrated product support solutions has acquired the entire issued share capital of Track Access Productions Limited (TAP). TAP was established in 2001 and provides driver training, route mapping and route familiarisation services to the UK rail industry. Clients comprise train operating companies, freight operating companies, engineering prime contractors and infrastructure providers. The acquisition was made for an enterprise value of €680,400 (£585,000) and an amount of approx. €452,000 for TAP's free cash, after taking into account normalised working capital and debt repayment. The acquisition will be fully funded from the company's existing cash resources.
