St Ives makes second acquisition in a week
By Jo Francis Wednesday, 21 September 2011
St Ives has bought a second company in the space of a week - snapping up retail and consumer consultancy Pragma Holdings in a £6m deal.
Twickenham-based Pragma provides a range of services, including trading and performance analysis, customer and market insight, brand analysis and store portfolio evaluation. Its extensive client list includes Robert Dyas, Snow+Rock, World Duty Free, Porsche Cars and a host of international airports.
The business made a pre-tax profit of £500,000 on sales of £2.5m in its last financial year, and is expected to make EBITDA (earnings before interest, taxes, depreciation and amortisation) of £700,000 on sales of £3m in its current trading year to March 2012.
St Ives chief executive Patrick Martell said: "We’re really pleased with this acquisition. We are building up a big and broad-based offering in retail and other sectors. We've made huge progress and will be updating people on our strategy when we announce our year-end results next month.
"Pragma fits well with Tactical Solutions, SP, Service Graphics and our data businesses," he added.
St Ives will pay an initial £3.3m for the firm, plus up to a further £2.7m if Pragma hits the £700,000 EBITDA profit target. The deal is payable in cash and new St Ives shares.
Pragma co-founders Monica Lucas and Roy Palmer, and chief executive Patrick Woodall will remain with the business, which will continue to operate from its current location.
Woodall said Pragma's specialist expertise and knowledge was a "perfect fit" with St Ives' existing capabilities: "It gives us a wonderful opportunity to strengthen our competitive advantage and grow the business."
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