B2B media business Bonhill Group is to acquire Last Word Media. Bonhill will pay an initial consideration of £8.0 million, £6.0 million in cash and £2.0 million through a share issue. A deferred payment of £2 million will be made dependent on the financial performance of Last Word during the years ending 31 December 2019 and 31 December 2020.
Last Word is an international B2B media business addressing the sales and marketing needs of the global asset management industry and information requirements of the wealth management industry.
Launched in 2005, Last Word is owned by its three founders Rod Boulogne, Jamie Hinchliffe and Dylan Emery, and the co-founder of its Asian operation, Tom Porter. Last Word has 71 staff based in its London head office with another 8 staff in Hong Kong and 3 staff in Singapore.
The business creates content, sales and marketing opportunities, networking events and transactional opportunities for its clients and audiences with the key objective to assist asset managers with increasing assets under management.
Last Word currently operates seven investor facing brands. These include seven news and information websites, two of which have associated print titles and, in 2018, the brands collectively hosted 86 scheduled live events. Last Word also operates a further three brands targeting asset managers with event services, content marketing solutions and research data products.
Last Word has approximately 190 clients, including Aberdeen Standard Investments, Allianz Global Investors, BNY Mellon Investment Management, Hermes Investments, Invesco, Janus Henderson, Jupiter Investments, Merian Global Investors, Schroders and T. Rowe Price.
In the year ended 31 December 2018, Last Word generated revenue of approximately £10.2 million (2017: £9.2 million) and had EBITDA of approximately £1.1 million (2017: £0.3 million). As at 31 December 2018, Last Word had consolidated net assets of approximately £1.42 million (2017: £0.78 million).
In the year ended 31 December 2018, 71 per cent. of total revenues were generated in the UK, 16 per cent. in Asia, 8 per cent. in Europe and the balance in the rest of the world. Of total revenues generated in the year ended 31 December 2018, Live Events accounted for 59 per cent., Business Information accounted for 26 per cent. and Data & Insight and content marketing together for 15 per cent
Simon Stilwell, Chief Executive of Bonhill, commented:
“We are pleased to announce the acquisition of Last Word, a leading international B2B media business servicing the global asset management sector. Bringing our two businesses together will enable Bonhill to provide a truly global sales and marketing proposition to the international asset management community and provides the opportunity to leverage InvestmentNews’ presence and platform to expand its existing propositions in the US. These are exciting times for the Company and we look forward to the period ahead.”