In February 2020, Intermediate Capital Group took majority control of the UK’s Pageant Media for a reported £106.5 million in a deal which is believed to have valued the company at £145m. It was the first investment by ICG’s Europe Mid-Market Fund, which closed in late 2019 at €1 billion
Pageant Media, now rebranded as With Intelligence, was privately owned by its CEO Charlie Kerr, who founded the business in 1998. The company’s business model at the time of IMG’s investment included a membership programme in which financial professionals pay an annual fee to receive news, information, and data, and attend invitation-only events. The company organised around 200 events per year and had reported £32 million in revenues in 2019. It had more than 2,500 institutional clients worldwide and had 240 people across its offices in London, New York, Hong Kong, and Cardiff.
Since then, Pageant Media has gone on to make a number of acquisitions, including:
- May 2020 – Eurekahedge from the Mizuho Bank, of Japan. Based in Hong Kong, Eurekahedge had annual revenues of $5 million and an operating profit of around $1 million. The company, which was founded in 2001, offers a database of information on hedge funds and offers the Eurekahedge fund indices.
- November 2020 – Falk Marques Group (now rebranded With Intelligence) acquired from Beth Falk and Raul Marqués who jointly founded the business in 2006. Falk Marques Group produces conferences and networking forums that are focused on advancing women in the private equity, venture capital and alternative investment communities. It launched the Women’s Private Equity Summit in 2008 and its sister event, the Women’s Alternative Investment Summit in 2009. Falk Marques Group had around $4 million revenue. Pageant Media are reported to have made an initial payment of $4 million. This to be followed by an earn-out which may eventually value the business at $20 million.
- June 2021 – the acquisition of Pension Funds Online. The business organises up-to-date financial and contact information for pension funds, in the UK and Europe, through a modern, searchable digital interface. First produced in print form in 1978, as the so-called Blue and Red Books, the online database is today used by asset managers, investment consultants and other service providers to drive their investor outreach strategies.
- June 2021 – Hedge Fund Alert acquired from Green Street. Hedge Fund Alert is read by hedge funds, prime brokers, and other service providers to get the earliest look at key dealings and intelligence in the hedge fund arena. The U.S.-based publication now sits alongside HFM and Eurekahedge.
- August 2021 – UK-based Savvy Investor from its owner Andrew Perrins for a reported £6 million initial payment and a further £2 million based on performance targets. Savvy Media is a knowledge network for institutional investors, providing members with access to a deep resource of white papers and articles covering global investment and pensions issues. It had £2 million in revenue and £800k EBITDA.
With Intelligence is now a global business information organisation, focused on the asset management industry. Now with over 450 people in seven offices across three continents, the product portfolio includes data, insight and events, and has grown to cover hedge funds, private equity, real estate, private debt, and traditional asset management, with more than 3,000 institutional customers worldwide.