Midwich Group PLC (AIM:MIDW) said it has raised over £51mln via a placing and retail offer to fund its acquisitive move into Canada.
The UK audio visual distributor yesterday said it had agreed the purchase of Canadian rival SF Marketing (SFM) for C$44.3mln (£26.7mln).
Today it confirmed that £50mln had been gleaned from City institutions in the placing priced at 425p per share, and another £1.25mln from a retail offer on the PrimaryBid platform at the same price.
The proceeds will be used to pay down debt, fund the initial acquisition consideration of SFM and provide funding for more acquisitions, with a "near term" pipeline that it said included six opportunities currently in due diligence.
Shares dipped half a penny to 449.50p in early trading.