St Ives plc sells magazine businesses

March 15, 2011 — Fusion DigiNet

St Ives plc has sold its loss making magazine business, comprising St Ives Peterborough Limited, St Ives Plymouth Limited, St Ives Roche Limited and St Ives Web Limited, to Walstead Newco3 Limited, a wholly owned subsidiary of Walstead Investments Limited, for £20 million. £15 million in cash and £5m in loan notes.

The Magazine business is the web offset printing operation of St Ives, offering magazine printing capabilities to customers across the UK. The business is responsible for the production of weekly, monthly and specialist magazine titles. It employs around 670 people. Revenues to year-ending July were £70.5 million generated pre-tax losses of £5.1m.

St Ives will retain ownership of the properties currently occupied by the Magazine business in Peterborough, Plymouth and Roche and will lease them to the new owners.

UK, Peterborough

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Radian6 has acquired 6Consulting

March 11, 2011 — Fusion DigiNet

Social media monitoring firm Radian6 has acquired 6Consulting.

London-­based 6Consulting is a social media firm offering social media monitoring to enterprises and agencies in the UK. 6Consulting’s clients include Kellogg’s, EDF, Belron International, Dyson, Fujitsu, Sony Ericsson, the Central Office of Information, the Metropolitan Police, the Greater Manchester Police, as well as many of the region’s top public relations and ad agencies. The firm has been an official reseller for Radian6 since 2009.

The 20 employees at 6Consulting will become employees of Radian6 Technologies UK. That will take the total number of employees at Radian6 to over 280. Terms of the deal were not disclosed.

UK, London & Canada, Fredericton

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RadiumOne closes $21 million funding – for international expansion and acquisitions

March 11, 2011 — Fusion DigiNet

RadiumOne, a digital ad network that leverages the social web has closed a $21 million Series B funding round led by Crosslink Capital. DFJ Esprit also participated in the round along with previous investors Adams Street Partners and Trinity Ventures, bringing total funding to $33.5 million. RadiumOne was founded by Gurbaksh Chahal in 2009.

The latest funding round will primarily be used for international expansion and acquisitions. RadiumOne recently opened its UK office, and in the coming months will be launching in continental Europe and Asia Pacific. The Company, which reached profitability in Q4, will use its existing and new capital for potential acquisitions designed to give the company additional resources and tools to effectively scale.

USA, San Francisco, CA

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Green Bridge Industries acquires ten percent of Team Energy

March 10, 2011 — Fusion DigiNet

Green Bridge Industries has acquired a ten percent interest in the private Florida based corporation, Team Energy. The purchase price of $400,000 will be paid in the form of 4,000,000 shares of restricted common stock in Green Bridge Industries based on $0.10 per share. According to the terms of the agreement, Green Bridge will have the option to purchase the remaining equity stake in Team Energy for future cash consideration.

Team Energy is projected to generate an EBITDA of $3,635,180 in 2012 and total revenue of $4,320,000. The Company also projects an EBITDA of $43,551,800 and total revenue of $50,400,000 by 2016.

“This acquisition immediately enables Green Bridge Industries to enter various vertical markets,” stated William White, Chairman and CEO of Green Bridge Industries, Inc. “The experience both teams bring together positions the Company for tremendous growth throughout 2011.”

USA, Saranac, MI & Altamonte Springs, FL

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Penton acquires EyeTraffic Media

March 10, 2011 — Fusion DigiNet

B2B media company Penton has completed its first marketing services acquisition with the purchase of EyeTraffic Media, an online marketing firm.  Terms were not disclosed.

Sharon Rowlands, CEO of Penton, said, “Our senior team has felt for some time that a marketing services offering – including online lead generation for our clients – was a critical component of our growth agenda. EyeTraffic forms the cornerstone of such an offering.  We intend to roll out these services to our more than 20,000 marketing clients and to our five million subscribers, many of whom are small- and medium-sized businesses that are thirsting for online marketing solutions.”

EyeTraffic, founded in 2004 and based in Washington, D.C., has a blue chip roster of clients including DuPont, Mazda and Georgetown University.  The company experienced record growth in 2010 and has recently opened new offices in Arlington, Virginia.

Mr. Assimakopoulos will join Penton as a vice president of digital media services and report to Kim Paulsen, senior vice president marketing services and member of the Penton Executive Committee.  “I am so pleased to have George and the EyeTraffic team join Penton,” Ms. Paulsen noted.  “Our customers are seeking guidance in the new, complicated world of online marketing.  We are excited to have EyeTraffic’s expertise, coupled with our deep market knowledge, to bring to our customers and subscribers across Penton’s multiple vertical markets.”

USA, New York, NY

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Cumulus Media to acquire Citadel Broadcasting

March 10, 2011 — Fusion DigiNet

Radio broadcast company Cumulus Media has entered into a definitive merger agreement to acquire Citadel Broadcasting Corporation. Under the terms of the deal, Cumulus will acquire all of the outstanding common stock and warrants of Citadel at a price of $37.00 per share. This consideration is payable in cash and shares of Cumulus stock, and values Citadel as an enterprise at approximately $2.4 billion. Citadel owns and operates 225 radio stations in over 50 markets and also operates the Citadel Media business, which is among the largest radio networks in the U.S.

Cumulus also expects to complete a refinancing of all of the outstanding debt of Cumulus, Citadel and Cumulus Media Partners in conjunction with the proposed merger. Cumulus has obtained commitments for up to $500 million in equity financing from Crestview Partners and Macquarie Capital, and commitments from a group of banks for up to $2.525 billion in senior secured credit facilities and $500 million in senior note bridge financing, the proceeds of which will be used to pay the cash portion of the merger consideration, and effect the refinancings.

Cumulus anticipates that the merger, after giving effect to anticipated synergies, will be accretive relative to Cumulus’ current Adjusted EBITDA trading multiple. After giving effect to the proposed acquisition, Cumulus would own 572 radio stations across approximately 120 U.S. markets. Cumulus expects to complete the merger by the end of 2011.

UBS Investment Bank is acting as lead financial advisor to Cumulus, and it also has committed to Cumulus to provide debt financing. Macquarie Capital is also acting as a financial advisor to Cumulus, and it has committed to provide debt and equity financing. Moelis & Company delivered a fairness opinion to the Board of Cumulus. Jones Day is acting as legal counsel to Cumulus in the transaction. Goldman, Sachs & Co. is acting as a financial advisor to Crestview Partners.

USA, Las Vegas & Atlanta

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Perform Group to float on the main market of the London Stock Exchange

March 10, 2011 — Fusion DigiNet

Perform Group, a digital sports media company, is planning to float on the main market of the London Stock Exchange.

The Offer will have a primary and secondary component in order to achieve a minimum free float of 25%, producing a company valuation of approximately £500 million. The primary proceeds, expected to be approximately £70 million, will principally be used both to accelerate PERFORM’s organic growth plans and to fund complementary strategic acquisitions.

The principal existing shareholders are current management and employees, who collectively own 40% of the Company, and Access Industries, a privately held U.S.-based industrial group, which holds 58% of the Company indirectly through a wholly owned subsidiary.
The Company has appointed Credit Suisse and Morgan Stanley as Joint Sponsors and Joint Global Co-ordinators of the Global Offer, with Credit Suisse, Morgan Stanley and UBS acting as Joint Bookrunners.

PERFORM is a global market leader in the commercialisation of multimedia sports content across multiple internet-enabled digital platforms and the owner of one of the largest portfolios of digital sports rights in the world. The Company is led by co-founders and Joint Chief Executive Officers, Oliver Slipper and Simon Denyer.  It generates revenues through four streams: content distribution, advertising & sponsorship, subscriptions and technology & production.

UK, London

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Publicis Groupe acquires digital engagement agency Airlock

March 10, 2011 — Fusion DigiNet

Publicis Groupe has acquired Airlock, a London-based digital engagement agency, specialising in multi-platform interactive solutions. The Airlock brand will become part of the Leo Burnett Group in the UK.

Airlock provides clients with the full spectrum of digital and interactive communications services including creative development, digital brand strategy, web design, online advertising, social media, digital outdoor, metrics & reporting, content management systems (CMS), e-commerce solutions, as well as platform & application development.

Founded in 2001, Airlock is an Emmy, Webby, BIMA and IAB award-winning agency with clients that include the BBC, NBC Universal, Channel 4 and Wrangler. The agency’s team of 16 digital specialists strengthens Leo Burnett’s rapidly-expanding digital capabilities, bringing the number of digital specialists in the UK Leo Burnett Group to more than 85.

The agency will continue to be headed by its current leadership: Will Lebens, Managing Director; Charlie Martin, Creative Director, Joseph Denne, Technical Director; Chris Mair, Strategy Director. They will report into the Group Chief Digital Officer, Marc Giusti.

Digital is one of the two growth drivers at the heart of Publicis Groupe’s targeted acquisition strategy and today accounts for 28% of the Groupe’s revenue. Over the next three years, Publicis Groupe aims to increase the percentage of revenue derived from digital to 35%.

Andrew Edwards, Group Chairman and CEO Leo Burnett (UK): “Leo Burnett UK digital operations have been gaining a very nice momentum over the past months. Today’s acquisition of Airlock not only further strengthens our offer, but more importantly, it represents an important investment in creativity and innovation for our clients.”

France, Paris & UK, London

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SkyWeaver acquires envIO Networks

March 10, 2011 — Fusion DigiNet

SkyWeaver, which enables search, discovery and advertising on the social web, has acquired the assets of envIO Networks.

envIO’s CEO, Manish Jha, will lead the combined company as President and CEO. Additionally, key members of envIO’s technology organization will join the SkyWeaver team.

“The envIO Networks assets will accelerate SkyWeaver’s mission — helping consumers, content owners and advertisers derive more value from the torrent of tweets, updates, and check-ins on the social web. envIO’s intellectual property portfolio, critically acclaimed products, proven and scalable technology platform, select business relationships, and engineering talent, will create a sustainable competitive advantage for SkyWeaver,” said Manish Jha.

“Social discovery, search and advertising represent the next frontier of growth on the internet. The combination of SkyWeaver and envIO assets, coupled with Manish’s experience, positions the company to win,” said Rob Soni. Rob, envIO board member, will join the SkyWeaver board as an observer.

USA, New York, NY

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Pearson agrees to buy Education Development International

March 8, 2011 — Fusion DigiNet

Pearson, the publisher of the Financial Times, has agreed to buy Education Development International. The Offer is 200 pence in cash for each EDI Share and values EDI’s entire issued ordinary share capital at approximately £112.7 million.

The Offer Price represents a premium of approximately 61 per cent to the Closing Price of 124.0 pence per EDI Share on 4March 2011, the last business day prior to the commencement of the offer period; and 73 per cent to the average Closing Price of 115.6 pence per EDI Share over the three months prior to 4 March 2011.

EDI is a leading provider of education and training qualifications and assessment services, with a strong reputation for the use of information technology to administer learning programmes and deliver on-screen assessments.

Pearson believes that the addition of EDI will complement Pearson’s existing work-based learning business and will create an enlarged qualifications group offering a comprehensive range of vocational and academic services to the UK and international markets. Pearson believes that its financial resources, international scale and strengths in assessment, publishing and technology will also enhance the offering to EDI’s customers.

John Fallon, Chief Executive of Pearson’s International Education Business, said, “In EDI we have found a dynamic partner who shares our commitment to education and training. In the UK and around the world, we will be even better placed to work with employers and training partners to develop high quality apprenticeships and related qualifications. In this work, we will help companies to be more competitive and make their staff more employable.”

Nigel Snook, Chief Executive of EDI, said, “The Offer Price to acquire the EDI business reflects the value created for shareholders over the past 10 years through the hard work and commitment of the staff and management team. We now look forward to working with our Pearson colleagues to take the business on to its next stage, creating a world-class organisation supporting vocational education and training programmes in the UK and internationally.”

Citi is acting as financial adviser and corporate broker to Pearson. Brewin Dolphin is acting as financial adviser and corporate broker to EDI.

UK, London

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