Chime, the international communications & sports marketing group, is to acquire JMI, a global marketing firm focused on motor sports, for a maximum consideration of $70.6 million (approximately £43.7 million). The acquisition will be part funded through a placing of 8,533,334 new ordinary shares to raise approximately £25.6 million.
JMI is a global marketing firm focused on motor sports, operating primarily in Formula 1, NASCAR and IndyCar. JMI provides long-term sponsorship management and activation strategies, together with services including large-scale hospitality events, rights sales, and digital and experiential marketing initiatives.
Zakary C. Brown, the founder and CEO of JMI, has relocated to London and, following completion of the Acquisition, will sit on the boards of both JMI and CSM Motorsport Limited (“CSM Motorsport”) (a newly incorporated wholly owned UK subsidiary of Chime) as President and CEO. It is intended that the JMI business will be operated as a separate division within CSM.
Commenting on the Acquisition, Christopher Satterthwaite, Chief Executive of Chime, said: “This acquisition will give us a strong foothold in the United States, one of the largest sports marketing markets in the world, and will accelerate Chime’s strategy of becoming a global leader in sports marketing.”
UK, London & USA, Indianapolis
- Chime Communications acquires agencies in Shanghai and London Posted on May 17, 2013
- Chime Communications to acquire pH Associates for up to £14M Posted on October 16, 2012
- Chime Communications PLC acquires controlling interest in Harvey Walsh Limited Posted on May 17, 2012
- Chime Communications acquires The Icon Group Posted on April 7, 2011