Perform Group, a digital sports media company, is planning to float on the main market of the London Stock Exchange.
The Offer will have a primary and secondary component in order to achieve a minimum free float of 25%, producing a company valuation of approximately £500 million. The primary proceeds, expected to be approximately £70 million, will principally be used both to accelerate PERFORM’s organic growth plans and to fund complementary strategic acquisitions.
The principal existing shareholders are current management and employees, who collectively own 40% of the Company, and Access Industries, a privately held U.S.-based industrial group, which holds 58% of the Company indirectly through a wholly owned subsidiary.
The Company has appointed Credit Suisse and Morgan Stanley as Joint Sponsors and Joint Global Co-ordinators of the Global Offer, with Credit Suisse, Morgan Stanley and UBS acting as Joint Bookrunners.
PERFORM is a global market leader in the commercialisation of multimedia sports content across multiple internet-enabled digital platforms and the owner of one of the largest portfolios of digital sports rights in the world. The Company is led by co-founders and Joint Chief Executive Officers, Oliver Slipper and Simon Denyer. It generates revenues through four streams: content distribution, advertising & sponsorship, subscriptions and technology & production.