Informa disposes of its five corporate training businesses

July 19, 2013 — Fusion DigiNet

informa2Informa plc is selling its five Corporate Training businesses to Providence Equity Partners for a total consideration of up to $180m. The deal is expected to complete in the third quarter of 2013.

The initial consideration of $165m, consists of $100m in cash (net of indebtedness and working capital adjustments on completion) and a $65m vendor loan. The vendor loan is for a maximum term of 6.5 years and attracts a PIK interest rate of 1% in the first two years, rising to 10% in the third year with a further 1% per annum increase thereafter.

providenceequityThe cash element of the consideration will initially be used to reduce Group net debt. A further cash payment of up to $15m will be received by Informa in 2014 dependent upon the businesses achieving a certain level of revenue in 2013.

In the year ended 31 December 2012, the contribution attributable to the Corporate Training businesses was revenue of approximately $194m (£122m) and adjusted EBITA of $23.5m (£14.8m). As at 31 December 2012 the business had gross assets of $358.8m (£225.7m).

Peter Rigby, Chief Executive, said, “The disposal of our Corporate Training businesses creates a more focused, higher growth, higher margin Events division with more visible and predictable revenue streams, enhancing the underlying quality of Group earnings.

I would like to take this opportunity to thank all of our colleagues within Corporate Training who have worked so diligently and intelligently to develop the businesses through a highly challenging economic period. I believe Providence, with a significant investment already in the education sector, will be an excellent home for the businesses.”

UK, London

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IHS Completes Acquisition of R.L. Polk & Co.

July 16, 2013 — Fusion DigiNet

ihs_logo_mpIHS has completed its acquisition of R.L. Polk & Co.  R.L. Polk & Co. consists of two divisions – Polk and CARFAX – that provide market intelligence, tools and analytics and vehicle history information. . Previously, IHS had announced its intent to acquire R.L. Polk & Co. on June 9, 2013; closing occurred on July 15.

polk

The total deal price is $1.4 billion. 90% cash and 10% equity. The stock issuance has a 2-year lock up. 50% of shares can be sold after year one and 100% of shares can be sold after year two

R.L. Polk is headquartered in Detroit and has $400 million of current annual revenue, 75% recurring revenue with 90%-plus renewal rates. 60% of its revenues come from the CARFAX brand and 40% from the Polk Division.

The company is principally focused in North America, with 9% of sales in EMEA and 3% in APAC. It has an adjusted EBITDA margin in mid-20 percent range.

“Now that R.L. Polk & Co. is part of IHS Automotive, their comprehensive information on vehicle registrations, ownership and repair allow us to offer auto makers, automotive parts and technology suppliers and dealers an unparalleled suite of products and services that span from portfolio planning to the end of a vehicle’s life,” said Scott Key, IHS president and CEO. “No one has connected automotive information so comprehensively in markets around the world, or created the analytics solutions and tools that we are currently developing to support the strategic decisions of our customers.

“With this acquisition, IHS truly becomes the scaled, global player in the capital-intensive automotive information industry, which also relies heavily on electronics, chemicals, plastics and energy,” Key continued. “The addition of Polk and CARFAX furthers our vision to become the source of information, insight, expertise and knowledge across all of our target industry sectors and to provide converged solutions that create exceptional value for customers.”

Key added that IHS intends to expand Polk and CARFAX globally, building on IHS infrastructure and presence in EMEA, APAC and high-growth markets in Brazil, India, Russia and the Middle East and the combined information and expertise of these great assets.

“The combination of IHS and R.L. Polk & Co. clearly strengthens both companies and creates more growth and greater opportunities to increase value for our customers,” said Stephen Polk, chief executive officer of R.L. Polk & Co. “We look forward to enhancing key information and insight on which our customers have come to rely to make critical decisions.”

USA, Englewood, CO & Detroit, MI

Previous reporting

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Stephen Carter to replace Peter Rigby as Informa Group Chief Executive

July 11, 2013 — Fusion DigiNet

Stephen CarterInforma Plc, the international publishing, business information and events company, has announced that Stephen A. Carter will replace Peter Rigby as Group Chief Executive when Rigby retires at the end of 2013.

 

Forty nine years old Carter has been an Informa board director since 2010. He was formerly President/Managing Director EMEA and President/Managing Director Global Managed Services at Alcatel-Lucent, the telecommunications and technology group. Before joining Alcatel-Lucent, he worked in a number of senior roles in the media and communications sector, including serving a term as the Founding Chief Executive of Ofcom, the UK Communications Industry Regulator.

Peter Rigby (58) first joined Informa in 1983 and has served as Chief Executive or Executive Chairman since 1988.

Since joining Informa in 1983, the company has grown from a company valued at a few million pounds to a business with a market capitalisation exceeding £3 billion. In the process, the company has been transformed from the original print publishing business into a global digital data, information and events group. In 2012, almost 75% of Informa’s publishing revenue was digital. The company now employs more than 7,000 people across its Academic Publishing, Events and Business Information operations.

Informa Chairman Derek Mapp said, “Informa owes a huge debt of gratitude to Peter, who has devoted a large portion of his career to the group, guiding it from humble beginnings into the leading global media group it is today. His boundless energy, enthusiasm and passionate management style has touched many people during his tenure and reflected in the unique culture prevalent across the group. I am sure that all of Informa’s stakeholders, including employees, shareholders and customers, will join me in thanking him for his enormous contribution to the company.

I am delighted that Peter’s business legacy will be continued by an executive of Stephen Carter’s calibre. The Board was unanimous that Stephen’s UK and international experience, knowledge and strategic understanding of the digital and technology industries, combined with his empathy for Informa’s unique culture and commercial success, made him a natural choice as Peter’s successor.”

UK, London

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TechMedia Network Acquires Bestofmedia Group

July 2, 2013 — Fusion DigiNet

techmedianetworkTechMediaNetwork has acquired Bestofmedia Group, a global technology publisher and parent company to tech publications Tom’s Hardware, Tom’s Guide and Tom’s IT Pro. TechMedia Network’s portfolio includes TopTenREVIEWS, LAPTOP and Space.com. The terms of the deal were not disclosed. However, TechMediaNetwork’s CEO Greg Mason told WSJ that  “Most of this is a stock deal. The Bestofmedia Group investors are wholly invested in the value that we think we can create with the combined businesses in the next couple of years. But this was not an asset sale.”

Founded in 2000, Bestofmedia is a global tech publisher, with more than 30 million monthly unique visitors and media properties operating in eight different languages.  Dr. Thomas Pabst – the original Tom – founded Tom’s Hardware in 1996.bestofmedia

“When looking to increase our U.S. footprint, TechMedia Network immediately jumped to the forefront of potential partners with its growing audience of nearly 50 million monthly unique visitors and impressive content syndication network,” said Antoine Boulin, President, Bestofmedia Group. “Its portfolio of award-winning tech and science publications is a natural fit for our sites and the opportunity to marry their e-commerce engine with our world-class communities and our combined content expertise is an exciting prospect for the future of highly-specialized, vertical media.”

USA, New York, NY & France, Paris

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Hubert Burda Media acquires luxury publisher EMM in India

July 1, 2013 — Fusion DigiNet

hubert-burda-media-logoBurda International has expanded its Asia portfolio with the acquisition of Indian media house Exposure Media Marketing (EMM). The terms of the deal were not disclosed.

Hubert Burda Media Pvt Ltd., a Burda International subsidiary incorporated in November 2011, received authorization from the FIPB (Foreign Investment Promotion Board) of India for its acquisition of 100% of the equity shares of Exposure Media Marketing Pvt. Ltd., a company founded in 2003 by Rajiv and Parineeta Sethi.
 emm
“EMM is a perfect platform through which to expand our activities in the important and dynamic Indian market. According to the World Wealth Report, India experienced a 22.2 percent growth in its High Net Worth Individuals’ population last year. This surge is creating a market with increasingly sophisticated tastes, hungry for luxury experiences”, says Burda Asia CEO, Julie Sherborn. “EMM has a compelling portfolio, offering an exciting range of specialised brands targeting this growing segment. The acquisition conforms perfectly with our strategic focus in the pan-Asian region.”
Added Massimo Monti, Managing Director of Hubert Burda Media India: “One of the main strengths of EMM is the company’s database of affluent, influential individuals, constituting a very desirable target group for luxury advertisers. We are delighted that Parineeta Sethi will continue to work with the company as a member of the board of directors and will help further develop our magazine and event portfolio”.
EMM publishes the Indian editions of AsiaSpa, Millionaire Asia, Asia-Pacific Boating, Selling World Travel, Designer Mode and the customer publishing magazine for Audi. It also hosts a range of key events and trade fairs, including the Millionaire Summit, Precious Golf and the AsiaSpa Wellness and Beauty Exhibition.
“Our aim when we started the company 10 years ago was to identify key audiences and develop trusted brands to service those segments,” said Parineeta Sethi. “We are delighted to be joining the Burda International media group through which we can drive the brands to even greater effectiveness.”
Germany, Munich & India, Mumbai
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IHS acquires Intellichem

June 27, 2013 — Fusion DigiNet

ihs_logo_mpIHS has acquired Intellichem, a strategic company that will strengthen IHS Chemical business in Latin America. Intellichem was founded by Dr. Rina Quijada. The terms of the deal were not disclosed.

Intellichem publishes a bi-weekly report (QuiMax, in partnership with MaxiQuim) on the olefin and plastics markets in Argentina, Brazil, Chile, Mexico and Venezuela. Intellichem also provides market intelligence on chemicals and plastics in Latin America.

“With Intellichem’s deep relationships throughout Latin America and its foothold in the chemical market advisory sector, we believe this acquisition gives IHS an important presence and significant growth potential in a key geography,” said IHS President and CEO Scott Key.

USA, Englewood, CO & Houston, TX

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AP buys stake in Bambuser, strengthens live UGC video capability

June 21, 2013 — Fusion DigiNet

The Associated Press has purchased a minority stake in Bambuser, the  live video service that allows users to broadcast, watch and share live video through mobile phones and computers. The investment builds on the exclusive editorial relationship that the AP has with Bambuser.

Under terms of the deal AP’s director of global video news, Sandy MacIntyre, will join Bambuser’s board as a non-executive director. It is the culmination of a three-year relationship with Bambuser that last year saw the AP sign an operational agreement providing news agency exclusivity for real-time video syndication of content from participating Bambuser users. The financial terms of the deal were not disclosed.

Bambuser has a proven track record for enabling real-time creation, solicitation and distribution of user-generated content (UGC), especially for news-related content.

The AP already uses UGC-sourced and verified content as an everyday part of the news agency’s newsgathering activities, and there is increasing demand for live video content from broadcasters and online publishers. Through Bambuser, AP can source UGC video news live from the scene from eyewitnesses exclusively for its broadcast and online publisher customers. In addition, Bambuser provides the AP with access to an established community of video contributors who can act as effective “first responders” across the world. AP’s journalists also use Bambuser as a newsgathering tool when out in the field.

“User-generated video content of live and breaking news is the new frontier of news generation,” MacIntyre said. “Bambuser is the proven platform for eyewitnesses around the world to stream their video content and has been invaluable to the AP over the past year, allowing us to access footage of verifiable breaking news stories that would simply not have been possible before. Moreover, we have always been deeply impressed by the proven technology from the small but very talented team at Bambuser.”

MacIntyre added: “This investment by the AP is a natural extension of our existing relationship with Bambuser and will ensure that we retain our dominant capability in gathering and verifying UGC video news. The evidence that UGC is set to grow in importance and volume is plain to see. Nearly a fifth of the world’s population has a smartphone and that is a phenomenal eyewitness resource that Bambuser makes technologically possible. It means that anyone can be one button click away from generating live news that will change the way the world receives the “first word” of a story. With the AP and Bambuser working closely together, I firmly believe we can take UGC to new heights.”

UK, London

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McGraw-Hill Education acquire ALEKS Corporation,

June 21, 2013 — Fusion DigiNet

McgrawhilleducationMcGraw-Hill Education is to acquire ALEKS Corporation, the privately held developer of the ALEKS® adaptive learning technology for the K-12 and higher education markets. The acquisition is McGraw-Hill Education’s first since it was acquired by funds affiliated with Apollo Global Management, in March 2013. Terms of the agreement were not disclosed. The closing of the transaction is expected to occur early in the third quarter of 2013.

aleksALEKS uses research-based, artificial intelligence to rapidly and precisely determine each student’s knowledge state, pinpointing exactly what a student knows and doesn’t know. ALEKS then instructs students on the topics they’re most ready to learn, constantly updating each student’s knowledge state and adapting to the student’s individualized learning needs. McGraw-Hill Education has marketed and sold ALEKS for math in the higher education space for more than 10 years.

In January 2013, McGraw-Hill Education acquired an equity stake in Area9 Aps, the Denmark-based adaptive learning company. McGraw-Hill Education and Area9 have worked together to develop products such as the LearnSmart Advantage adaptive learning suite, which includes SmartBook, the world’s first-ever adaptive e-book.

“At McGraw-Hill Education, our number one focus is providing solutions that generate improved results for students, educators, and institutions, and we believe that delivering personalized experiences through adaptive technology is a key ingredient to teaching and learning success,” said Buzz Waterhouse, president and chief executive officer of McGraw-Hill Education. “Through our acquisition of ALEKS, we’re working to grow and further develop the type of engaging, personalized experiences that we see as a central element in the future of education.”

McGraw-Hill Education will continue to sell ALEKS as a standalone solution over the near term, but the company plans deeper integration between ALEKS and its content and digital platforms.  As part of the acquisition, McGraw-Hill Education will maintain ALEKS Corporation’s current offices in Irvine, Calif.

USA, New York, NY & Irvine, CA

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IHS acquires PFC Energy

June 21, 2013 — Fusion DigiNet

ihs_logo_mpInformation company IHS has acquired PFC Energy, a global consulting firm specialising in the oil and gas industry. Its clients are oil and gas operators, national oil companies, service companies, investors, governments and other stakeholders. The terms of the deal were not disclosed.

PFC Energy was founded in 1984 and focuses exclusively on the energy sector, covering all phases of the energy value chain, and the pfc energyassets and activities of key countries and companies. It has 130 professional staff and is based in Washington, D.C. and also maintains offices in Houston, Kuala Lumpur, Moscow, Paris, Beijing and Singapore.

“The acquisition of PFC Energy brings energy information and research depth and strengthens our presence in North America, Europe, Asia Pacific and the Middle East,” said Scott Key, IHS president and chief executive officer. “For more than 25 years, PFC Energy has built a solid reputation as an integrated information, research and advisory firm covering the oil and gas value chain. This gives us the opportunity to expand the IHS presence in high-growth markets, and to leverage the skills and expertise of regionally located research colleagues who will support the growth of critical IHS energy solutions.”

USA, Englewood, CO & Washington, DC

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BC Partners to acquire Springer Science+Business Media

June 20, 2013 — Fusion DigiNet

springerspringer1London based private equity business BC Partners is to acquire Springer Science + Business Media, from Swedish private equity group EQT Partners and the Government of Singapore Investment Corporation for approximately €2.3 billion including performance components. It is Springer’s third leveraged buyout in 10 years and means it is dropping plans, only announced last month, to go public in Frankfurt.

Cinven and Candover created the company in 2003 through the €1.7bn merger of BertelsmannSpringer and Dutch publisher KAP. EQT Partners and the Government of Singapore Investment Corporation acquired Springer in 2010 from Cinven and Candover for around €2.3bn, including debt. Since then, the owners have invested €304 million and Springer has improved sales by 6.4% p.a. to €981 million and EBITDA by 12.6% p.a. to €341 million in 2012. EQT Partners and the Government of Singapore Investment Corporation is expected to make between 2.5 to 3 times their initial investment. They will also retain a minority interest in the company.

bcpartners

Springer, which competes with Reed Elsevier and Wolters Kluwer, publishes approximately 2,200 English-language journals annually and produced nearly 8,000 new book titles in 2012 in diverse fields including science, technology, medicine, commerce and transport. The Company  also publishes online journals, e-books, professional services materials and open access publishing. Springer has more than 7,000 employees and reported sales of €981 million in 2012.

Ewald Walgenbach, Managing Partner at BC Partners, said, “Springer Science + Business Media is a well-established company in a growing sector and has excellent future prospects. The company has been one of the most innovative in its field in terms of developing new ways to distribute and access high quality publications. Its international footprint offers attractive opportunities and it is positioned to benefit from the growth of the knowledge economy worldwide. We look forward to partnering with management to support the company’s growth plans over the coming years.”

BC Partners was advised by Credit Suisse, Nomura and Jefferies. Legal advice was provided by Freshfields Bruckhaus Deringer.

Germany, Hamburg & UK, London & Sweden, Stockholm

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