Radio, Television, New Media and Publishing company UTV Media plc is to acquire Simply Zesty Limited. The initial consideration is £1.7 million, which is being satisfied from the Company’s existing banking facilities, with further tranches of deferred consideration totalling a maximum of approximately £5 million, payable depending upon Simply Zesty’s future trading performance. The initial consideration equates to four times the anticipated 2012 EBITDA.
UTV is acquiring the business from Simply Zesty’s shareholders, including the founders of the business, Niall Harbison and Lauren Fisher, and the independent market research company, SPA Future Thinking. Following completion the founders will continue to develop Simply Zesty as part of UTV’s New Media division. Simply Zesty’s clients include blue chip brands such as Sony, Vodafone, Volkswagen Group, News International and ebookers.com.
Simply Zesty was set up in 2009 and employs 22 staff at its Dublin offices and specialises in providing social media marketing services to assist businesses in creating innovative social media campaigns. Simply Zesty is also building its international presence, which now represents more than 15% of revenues and is growing strongly.
John McCann, Group Chief Executive, UTV Media plc said, “The acquisition of Simply Zesty is part of our strategy to create a diversified multi-media business. Simply Zesty is a very successful Irish business with an international presence in the fast-growing social media sector. This acquisition strengthens our existing New Media division and adds further impetus to our multi-media strategy.
UK, Northern Ireland, Belfast & Ireland, Dublin