Research shows smaller buyouts bounce back in 2010

January 11, 2011 — Fusion DigiNet

Source – Lyceum Capital and Cass Business School

The total value of smaller private equity buyouts completed during 2010 rose to over £2.5billion, a 150 per cent increase on 2009 levels, according to data from The UK Growth Buyout Dashboard.

The quarterly trend analysis of private equity transactions in the £10 million to £100 million segment produced by Lyceum Capital and Cass Business School shows 68 companies raised an estimated £2,504 million of buyout funding in 2010. This compares with 34 transactions and £1,045 million of funding during the previous 12 months.
The figures provide further evidence that increasing numbers of successful SMEs are seeking private equity investors’ capital and expertise to drive their post-recession expansion plans.

Commenting on the report, Andrew Aylwin, Partner at Lyceum Capital, said: “The long-term investment outlook is positive. There is a bed-rock of SMEs requiring capital to consolidate their performance and complete the transformation into more mature, high-growth enterprises. This growth will ensure the lower mid-market continues to be a highly attractive asset class for private equity investment that is capable of creating consistently strong returns for investors.”

To go to The UK Growth Buyout Dashboard click here

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US information industry M&A report shows deal value and volume Up 36%

January 7, 2011 — Fusion DigiNet

Berkery Noyes has released its 2010 Information Market M&A Trends Report. The report analyses merger and acquisition activity in the US Information Industry in 2010 and compares it with activity in the three previous years.

Highlights

  • Transaction volume in 2010 surpassed 2009 by 36 percent, climbing to 2,046 transactions.
  • Transaction value has increased by 36 percent as well, with $112 billion in aggregate acquisition value.
  • The median revenue and EBITDA multiple both increased over 2009, with the revenue multiple rising to 1.8 and the EBITDA multiple to 11.2, a 29 percent increase over the 8.7 of 2009.

“Multiples have started to make a return to pre-crisis levels,” said James Berkery, CIO of Berkery Noyes. “There are more deals happening and there are higher valuations. While we’re not at the levels we saw in 2007, I think we’re well on the road to recovery.”

Strategic acquirers have been the most common acquirer in the industry, yet financially sponsored transactions rose 39 percent by value over 2009 while losing 2 percent in volume over 2009. This trend of larger financially sponsored transactions is further evidenced by two of the top seven deals by value this year being made by financial acquirers: Interactive data Corporation’s acquisition by Warbug Pincus and Silver Lake Partners for $3.2 billion and Visma ASA’s acquisition by Kohlberg Kravis Roberts & Co. for $1.9 billion.

Google was not only the most active buyer in the information industry in 2010, with 28 acquisitions, but was also the most active buyer from 2007 through 2010, with 48 transactions during that time.

The largest transaction in 2010 was Intel Corporation’s announced acquisition of McAfee, Inc., for $7.55 billion.

To view the full report click here:

USA, New York, NY

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ITE Group acquires Russian exhibition organiser, MVK for €33 million

December 20, 2010 — Fusion DigiNet

The international trade event organiser, ITE Group plc has completed the acquisition of the Russian exhibition organiser, MVK and its exhibitions.  As a result of the transaction, ITE’s portfolio will now include international trade exhibitions such as PolygraphInter, Rosupak, Euroexpofurniture, Interkomplekt, Holzhaus, Woodex, PCVEXPO, Mashex and others. The total consideration is for €33m (US$44m), payable in cash on completion and funded from existing cash resources and agreed loans.

This deal further strengthens ITE’s business in Russia and extends it into several new industry sectors.

Alexander Shtalenkov, General Director of ITE Moscow said, “The acquisition of MVK’s events creates exciting growth opportunities for ITE. We will be able to use our experience of organising major international trade exhibitions in Russia and the Group’s network of domestic and overseas offices to promote and sell the MVK events. Stability and continuity are important, and I am delighted that the MVK staff and partners who have built up this business, and possess the expertise and knowledge of each event, are joining the company. We will also be applying the well established business and marketing practices of both companies to develop further the events, taking them to new levels”.

Russell Taylor, CEO of ITE, said of the acquisition. “I am excited by the opportunity this presents for ITE to develop events in new industry sectors, and so to strengthen our position in the Russian exhibition industry. Moscow is home to our largest exhibitions and this deal will significantly expand our portfolio of events here. ITE’s business has remained robust despite the challenges of the economic downturn and with many of our Moscow-based events anticipating a return to growth in the near future; this development is well timed to build on the confidence that is currently evident in the Russian economy”.

UK, London & Russia, Moscow

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Matrix Private Equity Partners completes £4 million MBO of Faversham House

December 20, 2010 — Fusion DigiNet

Matrix Private Equity Partners, the small buyout specialist, has invested in the £4 million management buy-out of Faversham House Group. Faversham publish Europe’s largest environmental website www.edie.net and stages the UK’s no.1 environmental exhibition, Sustainability Live!.  Matrix is investing £1.75m and will take a significant minority stake in the business.  This is Matrix’s 7th investment in the media and publishing sector and comes following the recent investment in recruitment business RDL Corporation.

Faversham, a family owned business founded in 1960, has developed into a leading media business providing websites, exhibitions and print publications to the environmental, visual communications, home improvements and building services sectors.  The business employs over 100 people and is forecasting revenues of £10m in the current year. 

Chris Price, investment manager of Matrix who led the deal comments: “Faversham is uniquely placed to benefit from both the strong growth in the environmental sector as well as the continuing media shift towards online assets.  Management have demonstrated the ability to grow by acquisition and we look forward to supporting their strategy to develop Faversham into an integrated media player in a number of attractive verticals.”

Matrix has introduced Operating Partner and serial entrepreneur, Bob Fairchild who will join as Chairman and Jill Williams who joins as FD having performed the same role for successful Matrix investment Tottel publishing.  Bob, currently Chairman of Matrix investee company ATG Media, is highly experienced in the sector and was previously managing director of Landmark Information Group, which was sold to Daily Mail & General Trust Plc.  

Amanda Barnes, CEO of Faversham comments: “We are thrilled to have partnered with Matrix and were impressed by their track record of growing businesses within the publishing and media sector.   With Matrix’s investment we are now able to take our business up a gear and implement a strong acquisitive growth strategy.”

UK, Croydon, Surrey

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XING acquires online event management company amiando for upto €5.35 million

December 9, 2010 — Fusion DigiNet

Xing, the social network for business professionals acquired by Herbert Burda Media last year, is acquiring amiando AG, effective as of January 1, 2011. amiando is a of online event management and ticketing services in Europe with some 100,000 events organised and processed via the platform in 2009. This move puts XING in a position to offer its more than 10 million members integrated business event services ranging from organisation to marketing, billing and execution.

The acquisition price comprises a number of components. At the time of acquisition, XING AG will initially pay approximarely €5.1 million. An additional payment of up to €5.25 million will also be made on March 31, 2013, if various conditions are met. Examples of these conditions include the current management team remaining within the company and the achievement of specific revenue and profit targets.

Stefan Gross-Selbeck, CEO at XING AG, said: “Acquiring amiando gives XING an opportunity to meet its members’ growing need for an integrated, comprehensive event registration and ticketing service. In 2009 alone, our members organized and marketed more than 150,000 events via the XING platform. From now on, we can offer them all of the services they need including efficient registration, ticketing and billing. This in turn allows us to tap into a highly lucrative and market currently experiencing rapid growth.”

Felix Haas, CEO at amiando AG, said: “XING and amiando’s business strategies run in parallel with one another and offer huge synergy effects. This became clear right at the start of the negotiation process, and really caught the attention of the amiando management team. The XING platform’s reach and amiando’s technology and market position go together to make a perfect combination in the business event segment that will provide XING’s members with new, relevant added value. This is of course something the newly forged team intends to build on going forward.”

amiando has a staff of 35, all of whom will retain their jobs. Felix Haas will continue in his position as CEO at amiando. During the negotiation process XING was supported by Altium, while amiando was assisted by Parklane Capital.

Germany, Hamburg & Munich

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UBM acquires Publishing Expo tradeshow for £320,000

November 11, 2010 — Fusion DigiNet

United Business Media has acquired Publishing Expo, a tradeshow serving the UK publishing industry. UBM is acquiring the event on behalf of UBM Live from Legend Exhibitions Ltd for a total cash consideration of £320,000.

First staged in 2006, Publishing Expo () is the only major exhibition in the UK dedicated to the full range of digital and print publishing solutions. It comprises a two day exhibition and a free seminar programme addressing key issues in the publishing industries, as well as providing an opportunity to meet suppliers from all segments of digital and traditional media. The event attracts key decision-makers including senior production, circulation and distribution, marketing, design, editorial and sales staff from all types of publishing businesses, and increasingly those which are expanding into online and other digital publishing environments.

The 2011 edition of Publishing Expo will take place at Earls Court in London on 1-2 March and will be co-located with UBM Live’s existing complementary tradeshows Technology For Marketing & Advertising (www.t-f-m.co.uk) and the Online Advertising & Affiliate Expo. Publishing Expo will form part of UBM Live’s Marketing Technology and E Commerce Portfolio, which also includes Internet World and E Commerce Expo.

The acquisition is anticipated to exceed UBM’s cost of capital criterion in its first full year of ownership.

Simon Foster, Chief Executive of UBM Live said:

“The acquisition of Publishing Expo adds a further industry-leading event that complements our Technology For Marketing & Advertising and Online Advertising and Affiliate Expo events. Co-locating these events at a single venue at Earls Court in 2011 will enable us to provide the UK’s first comprehensive live event solution for marketing, advertising and media professionals and businesses.”

UK, London

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UBM to acquire 65% stake in Rotaforte International Trade Fairs & Media

October 14, 2010 — Fusion DigiNet

United Business Media Limited today announces that it has agreed to acquire a 65% stake in Rotaforte International Trade Fairs & Media, the owner of Turkey’s largest jewellery exhibitions, from its private owner on behalf of UBM Asia. The transaction is subject to regulatory clearance.

Rotaforte owns the Istanbul Jewelry Show, an international exhibition for jewellery, silver, watches and related equipment. Now in its 25th year, the exhibition is held twice a year in March and in October. In aggregate, the shows attract almost 60,000 visitors and 1,600 exhibitors, occupying net show floor space of more than 28,000 square metres. Covered products include gold, silver and diamond jewellery, precious and semi-precious stones, pearls, mountings, watches and clocks, machinery, tools and equipment, display units and security devices. The business is supported by the Turkish Jewellery Association, a national trade body which represents more than 1,100 jewellery companies, including the major manufacturers. Rotaforte also publishes a supporting magazine (in Turkish and English) and organises Turkish jewellery pavilions at a number of third party events in Dubai, Italy, and India, as well as selling exhibition space at jewellery events in Russia and Ukraine.

Rotaforte was founded by Ms Sermin Cengiz in 1986 and currently employs 21 staff in Istanbul. In 2010 the business is expected to generate revenues in excess of $5 million. The value of the gross assets being acquired is $0.3 million.

Turkey ranks as the world’s second largest gold jewellery exporter, the fifth largest importer and the third largest producer. Its domestic jewellery industry is highly fragmented, making tradeshows an attractive sales and marketing platform. Turkey’s international jewellery market is driven by strong demand from adjacent regions such as Russia and other CIS countries, Eastern Europe, the Balkans and the Middle East.

Rotaforte’s exhibitions are highly complementary additions to UBM Asia’s existing portfolio of twelve jewellery tradeshows in China, India, Hong Kong and Japan, including the world’s largest jewellery fair: the September Hong Kong Jewellery & Gem Fair. UBM Asia’s worldwide sales and marketing capabilities in this market will help grow the number of international exhibitors and visitors at the Rotaforte shows, as well as driving Turkish participation at UBM Asia’s existing shows. The Istanbul Jewelry Show is well positioned to become the leading fair in the European and Middle East regions. The acquisition also provides UBM Asia with opportunities to bring its other products and brands to Turkish, Eastern European, Balkan, Russian, CIS and Middle Eastern markets.

Jime Essink, CEO of UBM Asia, said:

“The acquisition of Rotaforte adds a further industry-leading exhibition to our jewellery portfolio and is in line with our strategy to enhance and expand our international presence in geographic regions of significant growth. Rotaforte provides strong synergies and opens up a wide range of new business opportunities both in Turkey and across the adjacent Middle East and CIS regions. I am looking forward to working together with Sermin, who will be Managing Director of the UBM Rotaforte joint venture company, and also her team, who have done a fantastic job in building the successful Istanbul Jewelry Fairs portfolio.”

Turkey, Istanbul

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WebMediaBrands acquires the Semantic Technology Conference and Semantic Universe Blog

September 24, 2010 — Fusion DigiNet

WebMediaBrands has acquired all of the assets of the Semantic Technology Conference (SemTech) and the SemanticUniverse.com blog from Wilshire Conferences. SemTech is the largest conference in the world dedicated to the rapidly growing topic of the Semantic Web and Linked Data. Tony Shaw and Dave McComb, founders and operators of SemTech, will continue as consultants and will take an active role in expanding and operating SemTech for WebMediaBrands in coming years. SemTech 2011 is scheduled to take place in June 2011 in San Francisco, CA. SemanticUniverse is a blog and e-mail newsletter providing news and articles about the application of semantic technologies. Terms of the transaction were not disclosed.

“The Semantic Web is a rapidly growing technology that is affecting search marketing, retail marketing, and publishing and media markets,” stated Alan M. Meckler, Chairman and CEO of WebMediaBrands. “SemTech was founded in 2005 and has become the main trade show for those interested in the future of Semantic Web developments in technology as well as commercial applications. WebMediaBrands already has one of the leading blogs covering the field, SemanticWeb.com, and has operated the Semantic Web Summit conference. By combining forces with Semantic Universe and SemTech, WebMediaBrands has become the definitive source of information for what appears to be one of the next great revolutions in Web search and marketing. We expect that this acquisition will be accretive to our earnings and cash flows,” added Meckler.

”Semantic technologies are clearly going mainstream, both on the W eb and in the enterprise,”  stated Tony Shaw. “We felt we needed the resources and expertise of a larger, robust media organization to keep pace with these rapid developments. Dave and I are thrilled to continue the job we started – building a world-class educational organization focused on semantics – and now with the enthusiastic support of Alan Meckler and WebMediaBrands” added Shaw.

USA, New York, NY

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easyFairs acquires b2b exhibition organiser Fairtec

September 24, 2010 — Fusion DigiNet

easyFairs has acquired the Belgian business-to-business exhibition organiser, Fairtec. The move brings together a portfolio of industrial technology shows in sectors such as measurement and control instrumentation, pumps and valves, subcontracting, welding, safety and security. Koen Damman, who has led Fairtec since November 2000, will stay on during the transition period until 2011.

Fairtec was founded in 1991. It successfully pioneered time-saving innovations such as the “one-day fair” formula, making it a good fit for easyFairs. “Customer friendliness, service orientation and excellent content for exhibitors and visitors are the hallmarks of a Fairtec event. easyFairs convinced us that they are well positioned to build on this tradition of qualitative contact and ‘exhibitions with character’ while making things even more time & cost-effective for our exhibitors and visitors,” commented Damman.

The Fairtec exhibitions, which attract a total 850 exhibitors and nearly 30,000 visitors, will be integrated under the direction of easyFairs Belgium’s Managing Director, Philippe Willegems. “Fairtec shows are already similar to our own. I am looking forward to working with Koen over the coming months and getting to know the Fairtec exhibitor, visitor and partner communities,” said Willegems.

Belgium, Brussels

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Easyfairs acquires two exhibitions from Nationwide Publishing liquidator

September 19, 2010 — Fusion DigiNet

According to Event magazine,  Easyfairs UK has acquired Business North West and Business Midlands exhibitions. The terms of the deal have not been disclosed.

The shows were purchased, along with the brands, websites and data, from the liquidator of Nationwide Publishing, which owned the brands.

UK, Bristol & Belgium, Brussels

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