Cinven’s acquisition of Spice plc is complete

December 5, 2010 — Fusion DigiNet

Cilantro Acquisitions Limited, a company formed at the direction of funds managed and advised by Cinven Limited has acquired Spice PLC.

Fusion DigiNet reported the announcement of The Scheme of Arrangement on 27 September 2010. The Scheme is now Effective.

As part of the terms of the acquisition, non-executive directors, Peter Cawdron, Julie Baddeley, Michael Shallow and Timothy Huddart, have resigned from the Spice Board.

The listing of the Spice Shares on the Official List of the UK Listing Authority, and their admission to trading on the main market of the London Stock Exchange, will be cancelled.

Spice Shareholders will receive 70 pence in cash for each Spice Share, valuing Spice at approximately £251.1 million.

UK, Morley, Leeds

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SC Business Publications buys South Carolina business publications from Ohio Community Media

November 30, 2010 — Fusion DigiNet

SC Business Publications LLC, a newly formed company led by regional private equity firm Virginia Capital Partners LLC has acquired a group of South Carolina business publications based in Charleston.  The group includes Charleston Regional Business Journal, GSA Business serving the Greenville-Spartanburg area, the Columbia Regional Business Report, SCBIZ Magazine and other business related publications, events and websites. Terms of the transaction were not disclosed.

Existing management will remain in their current roles. Grady Johnson was named president and will continue as group publisher.

“We are anxious to turn our focus to growth and serving the needs of the state’s business community. With the assistance of Virginia Capital, we look forward to continuing our mission as South Carolina’s media engine for economic growth,” Johnson said.

Founded in 1996, Virginia Capital Partners is focused in the south Atlantic region. Virginia Capital also is an investor in Virginia Business, a statewide monthly business publication.

Ohio Community Media took ownership of these and other publishing assets through a court-ordered Section 363 bankruptcy sale of the Brown Publishing Company’s assets earlier this year. OCM has been divesting former Brown Publishing business publications since taking ownership. OCM continues to own and operate a large portfolio of daily and weekly newspapers in western Ohio.

Dirks, Van Essen & Murray, a newspaper merger and acquisition firm in Santa Fe, New Mexico, represented the seller, Ohio Community Media, LLC, in the transaction.

USA, Charleston, SC

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Travel Ad Network acquires TravelMuse

November 30, 2010 — Fusion DigiNet

Travel Ad Network (TAN) has purchased the assets of TravelMuse, a comprehensive travel planning website that reaches travelers early in the consumer travel lifecycle. This is a significant addition to Travel Ad Network’s owned and operated properties and continues the transformation of TAN from a vertical ad network into an integrated digital media company. Financial details of the acquisition will not be disclosed.

Following the October 19th close of a $15 million Series C round of financing, Brian Silver, CEO of Travel Ad Network, indicated that the proceeds of the round would go towards acquiring travel sites, content, and tools, as well as towards increasing TAN’s technology infrastructure.

“Travel Ad Network’s goal remains to build, organize and serve the largest online travel audience in the world,” says Mr. Silver. “We are excited to add TravelMuse to our portfolio. We will also leverage TravelMuse tools across our exclusive sites to enhance the user experience.”

“I am delighted that TravelMuse has become part of Travel Ad Network. It is exciting to contribute to TAN’s success in building the leading travel digital media company,” says TravelMuse CEO Russ Lemelin.

Founded by Kevin Fliess and launched in 2008, TravelMuse (www.travelmuse.com) is an online destination for finding inspiration and planning trips with friends and family. Visitors can save any page from the Web using the TravelMuse Bookmarker; easily create Trips; organize, schedule and share travel information with the TravelMuse Planner; get travel recommendations; and use the industry’s first Inspiration Finder to discover destinations. It attracts about 100,000 unique visitors each month. The company raised more than $6 million in funding primarily from Azure Capital Partners and California Technology Ventures.

USA, New York, NY & Palo Alto, CA

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Axel Springer’s public tender offer for all outstanding shares of SeLoger.com has been cleared

November 30, 2010 — Fusion DigiNet

The French Securities Regulator (Autorité des marchés financiers or AMF) has cleared the offer of Axel Springer for all outstanding shares of SeLoger.com, the leading French property classifieds portal. Axel Springer offers all shareholders of SeLoger.com EUR 34.00 per share in cash, valuing the company at a total of EUR 566 million.

The AMF will set the timetable for the public tender offer shortly. With the approval of the transaction by the French Competition Authority on November 3, 2010, the offer has become unconditional. 

Ralph BüchiRalph Büchi, President Axel Springer International at Axel Springer AG: “Now the decision is solely up to the shareholders of SeLoger.com. They have the opportunity to sell their shares at a price of EUR 34.00 per share and realize an attractive cash consideration.”

Büchi added: “We continue to believe that we can be a valuable shareholder for SeLoger.com. Axel Springer has considerable digital expertise, a reach throughout all major European markets and strong financial capabilities. We will therefore be able to support SeLoger.com in its further development both in France and abroad, in case the management team of the company should decide to pursue a strategy of internationalization.”

Axel Springer already holds a 12.4 percent stake in SeLoger.com acquired from a group of shareholders, including the founders Amal Amar and Denys Chalumeau as well as other members of the supervisory board and the management board.

Germany, Berlin and France, Paris

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Yandex considering a £1bn listing in London

November 30, 2010 — Fusion DigiNet

Quoting City sources, thisismoney.co.uk is reporting that Russia’s largest internet firm Yandex is considering a £1bn listing in London early next year. Yandex is likely to choose London for its flotation but is also considering Nasdaq.

Fusion DigiNet reported that Russia’s second largest internet firm Mail.ru Group raised £1bn through a London Stock exchange IPO one month ago.

Russia, Moscow

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Has Google bought Groupon?

November 30, 2010 — Fusion DigiNet

The Press, Bloggers and Tweeters are spreading rumours today that Google has just paid $2.5 billion for social-shopping site Groupon. As far as Fusion DigiNet can tell none of the rumours have been confirmed yet. TechCrunch is reporting that the price is likely to be between $5 and $6 billion.

Watch this space.

Click on a headline below to read just some of the speculation:

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Could DMGT sell Northcliffe?

November 28, 2010 — Fusion DigiNet

The Sunday Times is reporting that Daily Mail and General Trust may sell its regional newspaper arm, Northcliffe.

James Ashton writes in the Business section, “The Daily Mail group is preparing to water down staff pension benefits in a move that may ease the path for the sale of its regional newspaper arm.”

UK, London

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Apax Funds to acquire majority interest in Advantage Sales & Marketing LLC

November 27, 2010 — Fusion DigiNet

Apax Partners are to acquire a majority interest in Advantage Sales & Marketing LLC (ASM) from J.W. Childs Associates, L.P. and BAML Capital Partners (Merrill Lynch Global Private Equity).  Terms of the transaction were not disclosed.

ASM, which provides outsourced sales, marketing and merchandising services to manufacturers, suppliers and producers of consumer packaged goods, has 2010 revenues of approximately $1 billion.  Upon completion of the transaction, ASM’s senior leadership team will continue to manage the Company’s day-to-day operations.

“ASM has established an impressive track record of generating value for its clients and customers through its operational excellence in both Sales and Marketing,” said John Megrue, Chief Executive Officer of Apax Partners U.S., and co-head of the Apax Retail & Consumer team.  “We look forward to partnering with the Company’s outstanding management team led by Sonny King and Tanya Domier.”

Alex Pellegrini, Partner in the Retail & Consumer Group at Apax Partners, commented: “We believe that ASM operates in a favorable industry that features strong secular growth trends, including more outsourcing by CPGs and a greater focus on in-store marketing.  Advantage is well positioned to further build brand value for its clients and customers through its industry-leading sales and marketing capabilities.”

“I am very excited to embark on our new partnership with Apax Partners. Their global reach and large network of relationships will not only drive value for ASM but also create opportunities for further growth,” said Chairman and Chief Executive Officer Sonny King. “Apax is an ideal partner for our company given their deep expertise in Retail & Consumer Products.”

“This transaction marks a new chapter in the growth of our business,” said Tanya Domier, President and Chief Operating Officer. “We look forward to pursuing our growth strategy with the support of Apax.”

The transaction, which is subject to customary approvals, is expected to close prior to the end of 2010.

Sawaya Segalas & Co., LLC acted as exclusive financial adviser to the Company in connection with the transaction.

USA, New York, NY & Irvine, CA

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BMG Rights Management is acquiring Chrysalis for £107M

November 27, 2010 — Fusion DigiNet

BMG Rights Management is acquiring independent music publisher Chrysalis. Chrysalis shareholders will receive 160 pence in cash for each Chrysalis Share held. The Acquisition values Chrysalis at approximately £107.4 million.

Hartwig Masuch, the CEO of BMG, said: “We believe that our offer represents compelling value for Chrysalis’ shareholders as evidenced by the strong endorsement BMG has received from Chrysalis’ Board and its major shareholders. The acquisition of Chrysalis represents an important step forward in our strategy as we build a major, global music rights business. Chrysalis’ extensive and high quality catalogue represents an excellent fit with our existing business. Our strategy is to provide state-of-the-art, comprehensive and transparent management of music rights and the operational excellence of Chrysalis reinforces this commitment. BMG looks forward to working with Chrysalis to build on its success to date for the benefit of all stakeholders.”

Chris Wright, Chairman and Co-Founder of Chrysalis, said: “Today’s deal marks the end of one era and the start of another for Chrysalis, a company which has been at the heart of the music industry since I founded it jointly with my original partner, Terry Ellis, more than four decades ago. Our continued progress – evolving from management, recorded music, television and radio to focus on music publishing – has been clearly recognised by BMG. As we embark together on the next chapter of the Chrysalis story, I am proud of both our track record and our future prospects in an industry in which we have both innovated and pioneered.”

UK, London and Germany, Berlin

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DMGT back on the acquisition trail?

November 25, 2010 — Fusion DigiNet

The Guardian reports that Daily Mail & General Trust’s strong balance sheet could see it back on the acquisition trail – but not in regional newspapers. DMGT’s debt position has reduced from £1bn down to £862m in the year to 3 October.

Martin Morgan, the chief executive of Daily Mail & General Trust says that the first priority is extra investment in its existing operations, followed by “bolt-on acquisitions to good existing businesses”.

He is not looking to make a major acquisition in new sectors, nor is looking to buy a rival

Read the full story here

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