Alliance Entertainment, an entertainment wholesaler, has recently declared its completion of the previously announced business combination with Adara, a particular purpose acquisition corporation, approved by the Extraordinary General Meeting of Adara's shareholders.
This combination will offer direct-to-consumer and e-commerce services to the entertainment industry, investing in proprietary and automation software and increasing market share and positioning in physical media. From February 13, 2023, the stakes and warrants of Alliance Entertainment will be "ADRA" and "ADRA WS" on the over-the-counter (OTC). The new Committee on Uniform Securities Identification Procedures (CUSIP) nine digited number for the shares will be 01861F102, and its warrants will be 01861F110. CEO Jeff Walker, Chairman Bruce Ogilvie, and the current management team will continue to lead the combined company.
This transaction has cost Alliance Entertainment about 480 million dollars. But the company will continue to invest in automation and proprietary software upgradation to increase its market share in the public sector. It will also drive inorganic growth by acquiring and integrating competitors and complementary businesses.
CEO of Alliance Entertainment, Jeff Walker, said, "We believe that today's milestone, combined with our strong revenue growth, expanding customer base and product offering, and several successful acquisitions, will help accelerate our future expansion initiatives. Alliance Entertainment today is well positioned to continue to capitalize on shifts towards eCommerce and Omni-Channel strategies, especially with retailers and manufacturers' vastly increased reliance on their DTC (Direct to Consumer) fulfillment and distribution partners. We are at an inflection point that now positions us to execute a multi-prong growth strategy that we expect will deliver a double-digit revenue growth rate with strong cash generation to the bottom line."
(Source – Business Wire)
About Alliance Entertainment
Alliance Entertainment is a wholesale distributor of music, consumer electronics and movies, including home entertainment video and audio software, SKUs, compact discs, vinyl LP records, video games, Blu-rays, and DVDs, and hardware and related accessories like toys and collectibles. Headquartered in Sunrise, Florida, it provides services to retailers and resellers, serving huge customers worldwide. Its processing and seller tools reduce administrative complications and costs with multiple vendors, providing a single automated channel of retailers, more product selection and goal fulfillment. In addition, it offers services for eCommerce fulfillment (CDF), vendor-managed inventory systems, traditional retail distribution, category captain analysis and processes and 3PL functions.