Financial information and services company iFinix has acquired Oakbridge Management

April 8, 2011 — Fusion DigiNet

iFinix Corporation, a provider of real-time financial information and services to active traders and to the securities industry, has acquired a majority ownership of Oakbridge Management.

iFinix has acquired a 51% controlling interest in Oakbridge Management, Inc., a New York-based private investment firm for 250 million restricted shares. As a result, iFinix’ Balance Sheet now reflects additional assets of approximately 3 million dollars. This represents exponential growth in the company’s asset value; which in turn, should allow the company to obtain future financing and move aggressively towards completion of its 2011 business goals.

CEO Benhope Munroe stated, “The successful completion of this acquisition is projected to allow iFinix a vehicle to obtain operating capital and flexibility to expand the company’s subsidiaries. We are pleased to announce this acquisition to our shareholders and re-confirm our original commitment to pursue avenues that enhance shareholder value by meeting and exceeding our stated goals. As noted in our recent conference call, the increase in authorized shares was done for the purpose of mergers and acquisitions. iFinix has no plans to conduct a reverse split.”

USa, Plainview, NY

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Mecom rejects approach by Dutch banks

April 8, 2011 — Fusion DigiNet

The Finacial Times is reporting that Mecom has rejected an approach from Dutch banks Rabobank, ING and ABN Amro proposing that Mecom sell close to 50 per cent of its stake in Wegener, the group’s Dutch subsidiary and the largest publisher of regional daily newspapers in the Netherlands.

Mecom reported full-year revenues down 2 per cent to €1.41bn (€1.46bn) while losses, after exceptional items relating to cost-cutting and depreciation and amortisation of software, narrowed to €73m (€146.2m).

Read the full story

UK, London

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Blinkx is to acquire Burst Media Corporation

April 8, 2011 — Fusion DigiNet

Video search engine business blinkx is to acquire Burst Media Corporation, the online advertising services and technology business, for an aggregate consideration of US$30 million (£18.5 million) to be satisfied by the issue of New Blinkx Shares and, for Non-Accredited Investors, in cash. The deal is expected to close on May 9, 2011.

The combination of the two companies will bring blinkx’s 35 million hours of online video and TV to Burst’s audience of over 130 million unique users (source: comScore Media Metrix December 2010). blinkx will create contextually relevant video channels for Burst’s network of publishers, thereby aggregating an online video audience for advertisers across long tail internet sites, which will rival the scale of television networks.

Commenting on the Acquisition, Suranga Chandratillake, Chief Executive of blinkx, said: “In just a few years, we have seen online video advertising become the fastest growing segment of online advertising. Up until now, the primary barrier to further television advertising budgets moving online has been online video’s inability to match the sheer scale of audience that television can deliver. We are extremely excited about the Acquisition as it will allow us to overcome that challenge: by fusing blinkx’s unique patented technology and large video index with Burst’s massive reach, we will have the potential to create personalised, online television that is watched by hundreds of millions of users.”

Burst results for the year ended 31 December 2010.

In summary, for the twelve months ended 31 December 2010, Burst has reported revenues of US$37.7 million (2009: US$31.4 million), gross profit of US$15.5 million (2009: US$14.0 million), and adjusted EBITDA loss of US$1.4 million (2009: adjusted EBITDA of US$0.6 million). As at 31 December 2010 gross assets were US$21.0 million and cash and cash equivalents were US$0.4 million (2009: US$5.7 million).

UK, Cambridge : USA, San Francisco & Burlington, MA

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UK Buyout market registers strongest quarter in two years

April 8, 2011 — Fusion DigiNet

Data from Lyceum Capital and Cass Business School’s UK Growth Buyout Dashboard shows that 23 smaller private equity buyouts worth an aggregate £828 million* completed between 1 January and 31 March 2011 – the highest volume and value seen in any single quarter during the past two years.

This quarterly trend analysis of private equity transactions in the £10 million to £100 million segment highlights a continuing upward trend and represents a strong start to the year.

The report’s authors say the figures reflect growing confidence and appetite amongst investors to support businesses which, having proven their resilience during the downturn, and are now well placed to harness emerging growth opportunities.

Number of investments

Whilst 11 transactions in the £10-25 million value range make up 48% of all mid-market ativity, the 12 deals completed in the £26-100 million range was a higher volume than has been seen any quarter during the previous two years .

Type of investments

Management buyouts (MBOs) continued to be the most prevalent transaction type in Q1 2011, accounting for 61% of all activity (14 of the 23 deals). However the data also illustrates that there has been a sharp rise in the number of secondary buyouts.

Eight SBOs completed – the highest volume of this type of deal in any quarter over the last two years and accounts for a third of all transations completed in Q1 2011.

The reports authors believe this rise was expected given the increased number of larger deals recorded and that the trend reflects the number of private equity houses continuing to rely on old-style intermediary-based deal sourcing, rather than research-led direct origination.

Only one public-to-private transaction was launched in the quarter, underlining the lack of appetite for de-listings within the mid-market.

This lack of interest is unlikely to improve given the recently announced proposals to change the Takeover Code.

Investments by industry

Technology, media, telecommunications (TMT) businesses attracted the most private equity investment in the quarter, with the seven deals completed in the sector accounting for 30% of all deals in Q1 2011.

This is a sharp rise in activity from previous quarters (Q4 2010: 3, Q3 2010: 2), continuing an underlying trend which saw the annual number of deals involving TMT businesses nearly treble from four in 2009 to 11 in 2010.

The other sector showing increased activity is retail and consumer, in which more deals were transacted (four) than in any other quarter over the past two years.

Trade, IPO and Secondary Exits

The first quarter of 2011 has seen the number of exits from private equity investments remain relatively steady with 11 deals completing in Q1 compared to an average of 10 over the previous four quarters.

Whilst trade dominated the buyer pool throughout 2009 and 2010, the first quarter of 2011 has seen this trend reverse, with the majority of exits (73%) being provided by eight secondary buyouts.

With just four exits through trade buyers, Q1 2011 has seen the lowest level of trade activity registered since Q4 2009.

The reports authors suggest that this trend reflects an increasing number of sponsors returning to market following the downturn looking to quickly deploy capital in mature private-equity backed assets.

Commentary

Commenting on the report, Andrew Aylwin, Partner at Lyceum Capital, said: “Optimism or pressure to invest? Whatever the reason, activity was up again in Q1. If this trend continues, we may see a hundred new deals this year, up from 68 last year and just 35 in 2009.

“But with prices on the rise, managers in the lower mid-market are working hard to understand investment risk, with deal processes drawn-out as a consequence.

“It’s too early to tell whether 2011 will yield a good vintage, but the market is clearly testing investment selection today with value-adding skills in the spotlight next.”

Scot Moeller, Professor in the Practice of Finance at Cass Business School, said: “It is notable that the first quarter’s activity in this lower middle market has been broader based than last year in terms of both industry sectors and size of deal.

“When combined with the consistently higher deal flow since early 2009, this should be a good indicator of continued strong deal flow in the next several quarters although the market is clearly still at a point where participants expect surprises.

“Particular strengths are currently in the technology sector, including software, as businesses gear up with the continuing improved outlook for the economy; these two sectors should continue to see increasing activity in 2011.”

For more information go to the The Cass/Lyceum Capital UK Growth Buyout Dashboard

*All figures for aggregate enterprise value of private equity investments are based on confirmed values from Experian’s CorpFin database and additional estimations by Lyceum Capital and Cass Business School where undisclosed.

Posted in B2B Services, Broadcasting, Conference/Exhibitions/Events, Consultancy, Content Media, e-Commerce, Energy & Environmental Services, Games, Internet Media, Market Data & Information, Marketing/Advertising, Mobile Apps, Publishers, Research Reports, ~Europe. Leave a Comment »

More trades exit the race to buy the magazine division of BBC Worldwide

April 7, 2011 — Fusion DigiNet

The Daily Telegraph is reporting that more trade bidders have exited the race to acquire the magazine division of BBC Worldwide after it emerged that Top Gear magazine and other leading BBC titles were not part of the sale.They quote a source close to a trade bidder as saying that while indicative offers came in at around £160m, some first round bids were lowered to about £110m and second round offers to between £70m and £100m.

Other sources, “familiar with the process” have insisted that there was still interest in the titles, with private equity groups among them.

Read the full story

UK, London

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Chime Communications acquires The Icon Group

April 7, 2011 — Fusion DigiNet

Chime Communications has acquired The Icon Group, an experiential marketing business, based in Sidcup in Kent. Icon brings sponsors’ brands to life at stadia and major sporting events around the world, usually on the basis of multi-year contracts. Customers include major sporting federations such as UEFA where Icon has assisted in the physical branding of the UEFA Champions League for the past 7 years. Other customers for whom Icon has worked or is currently working include FIFA; the Ryder Cup; the Boat Race; Abu Dhabi Motor Sports; and LTA Wimbledon.

Chime is to pay an initial consideration of £11 million of which £7.15 million will be through the Vendor Placing and the balance through the issue of the Consideration Shares. The Consideration Shares are subject to orderly marketing restrictions such that no shares can be sold for 12 months following the date of issue and only 50% may be sold in the following 12 months. In addition, two further tranches of deferred consideration may become payable. The first tranche will be calculated as 4.75 times average 2011 and 2012 earnings before interest and tax less the initial consideration and will be payable in 2013. The second tranche will be calculated as 4.75 times average 2013 and 2014 EBIT less both the initial consideration and the first tranche and will be payable in 2015. In both cases, the deferred consideration will be satisfied 50% in loan notes and 50% through the issue of shares in Chime (although Chime retains the right to pay the share consideration through the issue of loan notes). A further payment of £0.6 million will be made to Maidstone shareholders representing surplus cash in Maidstone. Following completion a sum of £0.6 million will be immediately paid to Chime as a dividend. In the event that the Placing does not become unconditional Chime has the right (but not the obligation) to complete the acquisition of Icon and settle in cash that part of the initial consideration which would have been satisfied through the Vendor Placing.

For the year ended 31 December 2010, Icon reported revenue of £18.8 million and EBIT of £1.9 million after one-off items totalling £0.2 million.  At 31 December 2010 the gross assets of Icon were £8.6 million. On 7 February 2011 Icon acquired for cash consideration of £1 million the trade and assets of Stanford Logistical Support Limited (‘SLS’), a company which focuses on the events industry for the delivery and implementation of city dressing and event branding. For the year ended 30 November 2010 SLS had revenue of £2.1 million and net profit of £0.2 million.

Chime sees significant growth opportunities for Icon resulting from the Olympic Games in London in 2012 and in Rio in 2016 and in utilising the contacts and relationships with major world sporting federations that Icon will bring to the Sports Marketing division. The experiential marketing activity is also a business which other Chime companies will market to their clients.

UK, London & Sidcup, Kent

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Centaur Media acquires The Forum for Expatriate Management for up to £6.75M

April 7, 2011 — Fusion DigiNet

Centaur Media has acquired expatriate information and events business, The Forum for Expatriate Management (FEM).

Centaur are paying £2.5 million in cash on completion and a further payment in cash subject to FEM’s profits in the 12 months ending June 2013.  The total purchase price will be capped at £6.75 million.

In its last financial year, to 31 December 2010, FEM generated revenues of £1.0m and ebit of £0.4m.  The value of gross assets of FEM at completion amounted to approximately £1.0 million, including £0.6 million of cash

FEM, which is based predominantly in the UK, has built the leading web-based community of HR professionals responsible for the management of expatriates within international corporates, known as Global Mobility professionals.  FEM organises exhibitions and networking events and provides an aggregated web-based information service for this community, which is growing rapidly as the globalisation of markets continues.  FEM was established two years ago and has built an international membership of approximately 5500 global mobility professionals and suppliers, organised through regional chapters, which are now operating in twenty locations in the USA, Europe and Asia.

FEM’s revenues are currently generated principally through sponsorship of its events and also through supplier-member subscriptions.  The business presently runs two major events in the UK and two in the USA, in addition to many smaller regional events run through local chapters.  Further major regional events are planned as the membership grows.  The two vendors, Brian Friedman and Nigel Ayres, will remain with the business following the acquisition.  All staff of FEM will relocate to Centaur offices in London.

Geoff Wilmot, CEO of Centaur said:  “FEM is an excellent fit with Centaur and I am delighted to welcome Brian Friedman (Founder and CEO of FEM) and his team to the Group.  FEM serves a community which is closely linked to that of compensation and benefits professionals, which is a core market for Centaur, served by our leading brand Employee Benefits.  There are also further synergies with our portfolio of Business Travel shows.  The importance of both short and long term international management assignments is growing rapidly and FEM is well placed to take advantage of the opportunities this presents.  Brian, who was formerly head of Human Capital at Ernst & Young, has done an outstanding job of establishing FEM as the leading international brand in this market and we look forward to working with him to grow FEM and to exploit fully the international growth opportunities of our Employee Benefits portfolio.”

Brian Friedman, CEO of FEM said:  “The FEM has rapidly established itself as the world’s premier networking community for all Global Mobility professionals.  We are confident that joining Centaur will provide us with the infrastructure to grow our existing activities and the expertise to expand into new areas of operation.  The synergies with Employee Benefits and Business Travel could not be a better fit for our aggressive expansion plans.”

UK, London

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Balfour Beatty WorkPlace acquires energy consultancy Power Efficiency for up to £18 million

April 7, 2011 — Fusion DigiNet

Balfour Beatty, the international infrastructure group, announces today that Balfour Beatty WorkPlace has acquired Power Efficiency, the energy procurement and carbon strategy consultancy, for a cash consideration of up to £18 million.

Power Efficiency, which is an employee-owned firm, is a leader in the energy management market, providing energy procurement, invoice validation, compliance and carbon reduction advisory services to a range of private sector customers.

Power Efficiency will be integrated with Balfour Beatty WorkPlace’s existing capabilities in energy management to create a leading energy services business with over 100 dedicated technical specialists and account managers. The acquisition marks an important development for Balfour Beatty WorkPlace, bringing together a powerful combination of M&E and energy capabilities to reduce customers’ energy spend and implement carbon reduction targets. It further strengthens its ability to maintain large complex portfolios, monitor consumption and deliver end-to-end energy and carbon management services, which is seen as a key requirement by many of Balfour Beatty WorkPlace’s existing customers.

Balfour Beatty Chief Executive, Ian Tyler, said: “Increasingly, providing our customers with advice and help to reduce their energy costs and carbon footprint is seen as an integral part of the service we offer them. This acquisition enables us to add additional skills and capabilities to our existing range of services and I am delighted that Power Efficiency’s management share our goal to build a leading energy services business.”

UK, London & Kent

 

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GMT Communications Partners acquires the Scandinavian Legal and Tax & Accounting Businesses of Thomson Reuters

April 7, 2011 — Fusion DigiNet

GMT Communications Partners, the European TMT- focused private equity group, is delighted to announce that it has agreed to acquire the legal and tax & accounting businesses of Thomson Reuters in Denmark and Sweden. Closing is expected to occur later this week. Financial terms were not disclosed.

The Scandinavian legal and tax & accounting business provides legislation, case law and regulatory information, and its products are renowned for their authority, industry expertise and innovative technology. These services enable decision-makers to make better decisions faster.

The business employs approximately 140 people across offices in Copenhagen, Stockholm and Aarhus. Key brands are KARNOV, PACTA and UfR, amongst others.

The business is well positioned in attractive niche markets of the professional information industry, occupying a strong market-leading position in Danish legal, tax and accounting professional information. It is the largest provider of online legal professional information in Sweden. Customers include law firms, corporates, government lawyers and law students, as well as accounting firms and corporate accountants.

The business has a strong subscription-based business model with high levels of recurring revenues and strong cash generation.

Following the closing, GMT plans to support a growth strategy based on both organic and acquisitive expansion in the Nordic region. GMT believes that the online-based business model, which is growing strongly and currently accounts for 60% of total revenues, also provides high operational leverage and scalability. Key executives, including Managing Director Neil Story, will remain with the business.

The deal is GMT’s 29th investment in Europe since its foundation in 1993, and cements the firm’s position as the leading mid-market TMT sector specialist fund in Europe.

Stefan Franssen, Partner at GMT, who will join the Board of the Company following the transaction, said:  “We are delighted to be working with Neil Story and the team. The Company has a very strong leadership position in its largest segment and has an attractive business model with recurring, subscription-based revenues. We look forward to helping this organisation realise its growth potential.”

Neil Story, Managing Director of the business, said:   “GMT’s clear expertise in the TMT space, particularly in helping content businesses grow through online-based growth strategies, will make them a great partner. We anticipate that with their active support in helping the business expand organically and through selective acquisitions, the business has the potential to grow rapidly. I look forward to continuing to work with our highly valued customers and suppliers and to delivering a continually improving service.”

Denmark, Copenhagen and Sweden, Stockholm

 

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Carson-Dellosa acquires Key Education Publishing Company

April 5, 2011 — Fusion DigiNet

Carson-Dellosa Publishing, a publisher of educational media, has acquired Key Education Publishing Company, a provider of resources and developmentally appropriate curriculum for young and special needs learners.

“We are thrilled to add Key Education to our brand portfolio, which includes our early childhood division, HighReach Learning,” commented Judy L. Harris, CEO of Carson-Dellosa Publishing.  “This expanded line of early education and special needs products enables Carson-Dellosa to continue to provide teachers and parents with the high-quality resources they need to effectively differentiate instruction to teach every child and build a strong foundation for learning.”

USA, Greensboro, NC

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