Tarsus Group plc, the business-to-business media group, is to acquire 100% of the assets of the South Beach Symposium from SBS Medical Education LLC for $6.4 million. $5.5 million is payable on completion and deferred payments made to be made through to 2018 of US$0.9 million. For the year ended 31 December 2013, the SBS assets recorded unaudited profit before tax of approximately US$0.8 million.
SBS is an educational event for Dermatologists, Plastic Surgeons and other physicians. It takes place annually in Miami and the next edition will be held in February 2015. Founder Mark Nestor, M.D., Ph.D. will continue to lead SBS after its acquisition and is contracted through to the 2017 event.
The Acquisition also includes the purchase of SBS’s planned online education business “Dermatology Education Online” which will take both the existing medical education content of the event as well as new educational and promotional material and make it available to a wider audience online. Consideration for the online education business is payable in 2018 with reference to the profits of that business in 2017. The maximum consideration for the SBS online education business is set at US$20 million.
Earlier this year Tarsus acquired the Cardiometabolic Health Congress, a cardiovascular-focused event which takes place annually in Boston.
Douglas Emslie, Tarsus Group Managing Director, said: “The acquisition of SBS is another key step in the transitioning of the Group’s medical business and the implementation of the “Quickening the Pace” strategy. As we focus on taking preventative medicine into the mainstream medical market, the acquisition of SBS compliments the launch of MMI and the earlier acquisition of CMHC. These initiatives will accelerate our progress and provide a strong platform for growth”.
UK, London & USA, Miami, FL
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