Verisk Analytics to acquire Wood Mackenzie

March 10, 2015 — Fusion DigiNet

logo_verisk-t1Data analytics provider Verisk Analytics is acquiring Wood Mackenzie from private equity firm Hellman & Friedman and other Wood Mackenzie shareholders. Wood Mackenzie provides data analytics and commercial intelligence for the energy, chemicals, metals and mining verticals.

The purchase price is £1.850 billion (approximately $2.8 billion) to be paid in cash. Verisk intends to finance the transaction through a combination of about $2 billion in debt and up to $800 million in equity.

For the year ended December 31, 2014, Wood Mackenzie’s revenue and EBITDA were £2woodmac_logo27 million and £107 million, respectively, representing an EBITDA margin of 47.1%. The transaction is expected to close during the second quarter of 2015. Stephen Halliday, Wood Mackenzie’s CEO, will continue to lead the business, reporting to Verisk president and CEO, Scott Stephenson.

In July 2012 Fusion DigiNet reported that private equity group Hellman & Friedman had taken a 63% stake in Wood Mackenzie in a deal that valued Wood Mackenzie at £1.1 billion pounds (approximately $1.7 billion). Vendor Charterhouse retained a 13 percent interest. Wood Mackenzie’s management and staff held a 24 percent interest.

Based in Edinburgh, Wood Mackenzie’s customer base includes 800+ international and national energy and metals companies, financial institutions, and governments. Wood Mackenzie works with strategy and policy makers, business development executives, market analysts, corporate finance professionals, risk teams, and investors. The company has approximately 1,000 employees worldwide with offices in Edinburgh, Dubai, Houston, London, Singapore, and Sydney.

“Wood Mackenzie is a world-class company and an excellent addition to the Verisk family,” said Scott Stephenson, president and chief executive officer of Verisk Analytics. “The company has significant opportunities in the global energy, chemicals, metals and mining verticals, a track record of consistent revenue growth and profitability, distinctive and mission-critical solutions, and an impressive management team. Those are all features of a unique and wonderful business.”

USA, Jersey City, NJ and UK, Edinburgh

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WPP to acquire minority stake in FlowNetwork in Sweden

March 10, 2015 — Fusion DigiNet

wppWPP is to acquire a minority stake in FlowNetwork, a Swedish broadcast content provider. FlowNetwork delivers its programmes via the internet and supplies Sweden’s regional newspapers with technology and content.

Newspapers served by FlowNetwork include Norrköpings tidningar, Folkbladet, Motala Vadstena Tidning, Norrländska Socialdemokraten, Östgöta Correspondenten, Norrbottens-Kuriren, Västervik-Tidningen, Hela Gotland and UNT. FlowNetwork is co-producer of the new Swedish drama series “Gåsmamman”.

The terms of the deal were not disclosed.

UK, London & Sweden

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Energy Assets Group acquires SA Gas Engineers

March 3, 2015 — Fusion DigiNet

Energy Assets GroupEnergy Assets Group plc, a provider of I&C gas metering services in the UK, has acquired SA Gas Engineers Limited, an accredited meter asset manager and a UK expert in complex I&C gas engineering and specialist siteworks projects. 

sa_gas_logoEstablished in 1992 and based in Nottingham, SA Gas provides services both upstream and downstream of the customer’s meter. The company has a wealth of experience and expertise in all types of I&C gas related engineering projects.  In the year to 31 July 2014 SA Gas generated turnover of £2.9m.

The transaction consideration comprises an initial cash payment of £3.4m, 222,108 shares in Energy Assets Group plc, with a market value of £1m, which are subject to the sellers of SA Gas remaining with the Group during a restrictive period of two years, an earnout consideration of up to £0.5m contingent on the future profitability of SA Gas and an amount for the completion cash balance of SA Gas which will be determined on the basis of completion accounts.  The cash consideration is also subject to post-completion adjustment by reference to the actual completion working capital of SA Gas.  Cash consideration will be funded from a combination of cash reserves and existing loan facilities.  

Phil Bellamy-Lee, Chief Executive of Energy Assets, commented: “Energy Assets has built a strong relationship with SA Gas over a number of years, working together on several major projects, and I am delighted to now welcome them fully into the Group in an acquisition that represents another significant step in our growth strategy.  The strong SA Gas brand and reputation, along with the wealth of acquired expertise, will complement our existing business resulting in further improvements to the service offering and value delivered to our customers.”

UK, Livingston, West Lothian & Nottingham, Nottinghamshire

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ULS Technology acquires Legal Eye

March 2, 2015 — Fusion DigiNet

legal-eye-logoULS Technology plc, a provider of online B2B platforms for the UK conveyancing and financial intermediary markets, has acquired Legal Eye Limited from Jaunita Gobby for an initial cash consideration of £1.1m, in addition to an agreed earn out, payable in cash, equal to two times EBITDA for the full years ending 31 March 2016 and 31 March 2017 respectively. ULS Technology expects the total consideration to be significantly below the maximum total consideration of £4.4m.

legal-eye-logoLegal Eye provides risk management and compliance consultancy services to the legal, financial and property sectors to ensure their clients comply with the regulatory framework in which they operate. 

Legal Eye Ltd was founded in May 2009 by Jaunita Gobby, who will maintain her day-to-day involvement in the business. LEL has been contracted by approximately 350 firms since May 2009 and has approximately 130 active clients, principally solicitors’, today.

The majority of LEL’s clients are on annual contracts, providing a high level of forward revenue visibility. For the 12 months ended 31 March 2014, LEL reported revenue growth of 54% to £563,729 and Profit Before Tax growth of 38% to £149,138 over the comparable period the previous year. As of 30 March 2014, Legal Eye had cash at bank of £317,776 and Net Assets of £238,108. There are no wholly owned premises or property leases.

Nigel Hoath, Chief Executive Officer, said, “As outlined at the time of its IPO, ULS has a clear strategy for growth in the UK, comprising both organic growth and acquisitions. The acquisition of Legal Eye is a very positive move for the Group and will help us accelerate our growth as Legal Eye has already earned a strong reputation in its sector. However, we believe there is a significant opportunity to accelerate its growth and we are excited about how we can help achieve this as part of the Group. ULS’ existing business will also benefit from the acquisition of Legal Eye by enabling us to place a stronger emphasis on quality and risk management as a central element of our eConveyancing value proposition.

UK, Thame, OX &

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Internet Brands acquires Total Attorneys 

February 23, 2015 — Fusion DigiNet

Internet BrandsInternet Brands has acquired Total Attorneys, a company founded in 2002 that generates online and phone leads, as well as appointment scheduling services, for small and medium sized law firm attorneys

Total Attorneys“As one of the oldest and largest legal marketing platforms, Total Attorneys helps thousands of attorneys attract and convert consumers into new clients,” said Chris Braun, General Manager of the Legal division at Internet Brands. “The company’s proven track record of helping attorneys grow their practices is an ideal fit within our Legal portfolio, which shares the same philosophy of innovation and superior customer service.”

The Total Attorneys brand will remain intact and the company will continue to operate from its Chicago headquarters.

USA, Los Angeles, CA & Chicago, IL

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Bunzl acquires Quirumed in Spain and Jan-Mar Sales in Canada

February 23, 2015 — Fusion DigiNet

bunzl-logoBunzl plc, the international distribution and outsourcing Group, today announces that it has completed the acquisition of two further businesses in Spain and Canada.

quirumedThe Company has acquired Quirumed, S.L. in Spain.  Based in Valencia, Quirumed is principally engaged in the supply of healthcare related products and equipment to an international customer base consisting of medical centres, doctors’ surgeries and other end users throughout Spain and in other countries in Europe.  Revenue in the year ended 31 December 2014 was €18 million.

jan-marBunzl has also purchased Jan-Mar Sales Limited in Canada.  Based in Toronto, Jan-Mar is principally engaged in the sale of cleaning and hygiene supplies to distributors in the region.  Revenue in the year ended 31 January 2015 was C$12 million.

Commenting on the acquisitions, Michael Roney, Chief Executive of Bunzl, said:

“The acquisition of Quirumed is an important development for Bunzl as it takes us into the healthcare sector in Spain for the first time, having previously acquired businesses there in the cleaning and hygiene, safety and foodservice sectors.  The purchase of Jan-Mar complements our existing cleaning and hygiene business in Canada and strengthens our position in the Toronto region.

UK, London & Spain, Valencia & Canada, Toronto

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Solucom acquires consulting firm Hudson & Yorke

February 19, 2015 — Fusion DigiNet

solucom-logoSolucom, a French management and IT consulting firm, has acquired Hudson & Yorke, a consulting firm based in London. The deal will be financed entirely in cash. Further terms of the agreement were not disclosed.

Founded in 2006, Hudson & Yorke is a specialist management consultancy focused on strategic ICT advisory. Its offering includes support to clients conducting large-scale ICT sourcing programmes in the UK, Europe or globally.

The firm’s client portfolio comprises several international brands such as Barclays, BP and Zurich, as well as the Department of Energy & Climate Change.

For the current fiscal year (ending 31 March 2015), Hudson & Yorke is expecting turnover over £3.5m (roughly €4.7m) and a double-digit operating margin.

The acquisition of Hudson & Yorke offers Solucom the two-fold opportunity of gaining a foothold in a key consulting market and strengthening its client portfolio with the addition of blue chip multinationals. The merger will also enable Solucom to provide its French clients with better advice for their UK-based operations.

Commenting on the operation, Solucom Chairman, Pascal Imbert said: “The UK, and especially London, is a key market in the consulting industry. We were attracted both by the reach and standing of the Hudson & Yorke brand and the firm’s very high value-added positioning in this market. We are now eager to begin working with the Hudson & Yorke team; a collaboration which will enable us to seize some tremendous opportunities”.

Hudson & Yorke’s founding directors, Harry McDermott and Mike Newlove, will continue to lead the Hudson & Yorke business and will join the Executive Committee of Solucom.
France, Paris & UK, London

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Sagentia Group acquires Oakland Innovation

February 19, 2015 — Fusion DigiNet

Sagentia Group plc has acquired Oakland Innovation Limited, an R&D consultancy specialising in technology innovation and market intelligence for the global consumer and healthcare markets.

Founded in 1989 by Managing Director, Michael Zeitlyn, Cambridge-based Oakland employs 47 staff, of which approximately two-thirds are PhD qualified.  Michael Zeitlyn, and Jennifer Brown, Sales Director and shareholder, will remain with the business. Oakland will be integrated into Sagentia’s Technology Advisory Division.

In the year to 31 December 2014, Oakland generated revenue of approximately £3.9 million and profit before tax of approximately £0.7 million.  Net assets at completion were approximately £0.5 million including £0.7 million in cash.  These figures are all unaudited.  The total cash consideration of £5.0 million will be satisfied as to £3.6 million in cash on completion (payable out of Sagentia’s existing cash resources) and as to £1.4 million satisfied by the sale of Sagentia’s treasury shares, equivalent to 1,043,333 Sagentia shares at the average closing mid-market price of 130.7 pence on the five dealing days immediately prior to completion.  The Sagentia shares are subject to lock-in periods of between 18 months and three years.  There is no deferred consideration.

The total number of ordinary shares in issue (excluding treasury shares) following this announcement is 38,379,948.  Sagentia holds 3,682,087 shares in treasury. Following this announcement the directors of Sagentia Group plc have interests in the ordinary shares of the Company as follows:

No of shares owned

% Holding

Martyn Ratcliffe

12,512,906

32.60%

David Courtley

375,000

0.98%

UK, Cambridge

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RPS Group acquires Klotz Associates for up to $24.1M

February 17, 2015 — Fusion DigiNet

RPSlogoRPS Group plc has acquired Klotz Associates Inc. (“KAI”), a Texas based consultancy providing engineering, planning and environmental services, for a maximum consideration of US$24.1million (£15.9 million).

KlotzFounded in 1985, KAI has its headquarters in Houston and offices in Austin, San Antonio, Lufkin and Fort Worth. The company, which employs 116 staff, works primarily on projects associated with transport, water and land development, primarily to public sector clients in Texas.
Seventeen of the eighteen vendors of the business, including the founder Wayne Klotz, are remaining with RPS; the other vendor has recently retired.

In the year to 31 December 2014, KAI had revenues of US$26.2 million (£17.2 million), fee income of US$19.4 million (£12.8 million) and profit before tax of US$3.6 million (£2.4 million), after adjustment for non-recurring items. Net assets at 31 December 2014 were US$5.4 million (£3.6 million). Gross assets at 31 December 2014 were US$9.3 million (£6.1 million).
RPS is acquiring the entire share capital of KAI for a maximum total consideration of US$24.1 million (£15.9 million), all payable in cash. Consideration paid to the vendors at completion was US$16.9 million (£11.1 million). Subject to certain operational conditions being met, two further sums of US$4.8 million (£3.2 million) and US$2.4 million (£1.6 million) will be paid to the vendors on the first and second anniversaries of the transaction respectively.

Alan Hearne, Chief Executive of RPS, commented: “Klotz Associates has an excellent reputation and track record in Texas, as well as a strong management team. Its skills will complement the services RPS currently provides in the water sector.  It will also enable us to extend the range of capabilities of our business to include transport and infrastructure consulting.  We anticipate Wayne Klotz and his highly experienced team will make an important contribution to our BNE North America business, which remains a priority for investment for the RPS Board.”

UK, Abingdon, Oxfordshire & USA, Houston, TX

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Xchanging plc acquires spend analytics company Spikes Cavell

February 6, 2015 — Fusion DigiNet

xchangingXchanging plc, a business process, procurement and technology services provider, is to acquire the spend analytics company Spikes Cavell Analytic Limited, for up to $11.5 million on a cash free, debt free basis. $6.75m will be paid on completion, and up to a further $4.75m will be payable over the next two years, subject to achieving operating performance targets.The Acquisition is expected to complete by the end of March 2015.

spikes cavellSCAL is a British company which provides spend analytics technology and services mainly to public sector institutions in the UK and higher education authorities in the USA, but also increasingly to the private sector.  Based in Newbury (UK) and Virginia (US) and with 35 employees, SCAL has around 60 lead customers, some of whom represent groups. SCAL had revenues of £1.8m for the year ended 31 March 2014.

Spend analytics is an important diagnostic tool for customer due diligence in determining spend savings and is frequently included within wider procurement engagements. Spend analytics also provides a way for measuring spend in order to manage supply chain risk and assist organisations in assessing their compliance with diversity programmes. SCAL is also pioneering analytics services that benchmark an organisation’s competitiveness against its peers.  

Ken Lever, Xchanging’s Chief Executive, commented: “Increasingly organisations are recognising the major savings that can be made by using technology to enhance their procurement strategies. Our procurement business went through a significant transformation in 2014, building on the impetus of the MM4 acquisition, made in late 2013, which brought a core technology platform. It also opened up the business to accelerated client acquisition by increasing the number of lower price point offerings. SCAL contributes to this strategy and further enhances our technology capabilities.”

UK, London & UK, Berkshire & USA, Virginia

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