Wilmington Group plc has acquired the trading assets of Inese, the provider of information and events to the insurance industry in Spain, from Reed Business Information for a net consideration of €1.4m in cash. The consideration will be financed out of the Group’s existing £65m multicurrency debt facility.
Inese was established in 1892 and was acquired by RBI in 2000. Inese is a leading provider of Spanish language subscription based publications, online services for the Spanish Insurance Industry along with a number of annual events including the leading industry congress; “Insurance Week”. Inese also operates a digital news service in Latin America.
Approximately 40% of Inese’s revenue is derived from subscriptions, and a further 30% from annual awards and events. Throughout the last 3 years revenue has been stable and the business has enjoyed overall renewal rates on its subscription base of around 90%. Approximately 30% of total revenue is delivered digitally. In the year to 31stDecember 2012 Inese made a profit before taxation of €0.7m*1 and had gross assets of €0.8m.
The Business will form part of the Wilmington Pensions and Insurance Division and will work closely with the Axco insurance information business, providing Axco with access to Spanish language insurance markets.
UK, London & Spain, Madrid
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