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A media company co-founded by musician and campaigner Bob Geldof has completed its fourteenth reverse takeover since it joined AIM in 2001.

Ten Alps plc, which produces TV, radio and print content, bought Mongoose Media, a factual media advertising sales business.

The deal strengthens Ten Alps’ advertising sales operations and is part of its growth strategy. The value of the transaction has been capped at £3.4 million and will be paid in cash funded by debt.

On completion, the vendors received an initial payment of £1.65 million with up to £1.45 million due if Mongoose achieves ebitda of £725,000 in the next year. In the two years following this initial 12-month period, up to £300,000 will also be payable against the performance of certain client contracts.

Mongoose becomes part of Ten Alps’ communications division, but will continue to trade as an independent business and led by its existing management.

Ten Alps also produces content for online TV and manages commercial projects. Based in London with offices in the Northwest and Scotland, it employs more than 570 people across three divisions: broadcast, digital and communications.

Mongoose sells advertising across specialist print and digital media for associations and institutions. Its adjusted ebidta for the year ending December 27, 2006 was £448,000 from gross revenues of £5.2 million.

Based in London, it has 19 staff serving international brands such as Newsweek, National Geographic and Time Out as well as for The Multiple Sclerosis Society and the National Childbirth Trust.

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