St Ives announces Incite acquisition
By Adam Hooker Wednesday, 29 February 2012
St Ives has continued its marketing services expansion with the acquisition of market research and insights consultancy Incite Marketing Planning.
According to St Ives chief executive Pat Martell, the business will continue to operate independently, run by its existing management team.
He told PrintWeek: "We do not acquire these companies to interfere with them. We acquire them to complement our existing businesses and we will support them in their bids to grow.
"The management have a clear idea of how they want to grow the business. It is a great company and we are really pleased."
Established in 2000, Incite employs approximately 40 staff, is headquartered in central London and works with an array of national and international customers.
For the year to 28 February 2011, Incite recorded and EBITDA of £1.7m (excluding exceptional items) on its turnover of £8.1m. Gross assets were £4.7m.
St Ives has agreed to acquire all of the issued share capital of Incite, on a cash- and debt-free basis for an agreed multiple of the audited EBITDA for the year ending 29 February 2012, up to a maximum of £11.4m.
A further consideration of up to £6.1m may be payable dependent on incremental financial performance for the years ending 28 February 2013 and 28 February 2014.
The vendors are Incite's co-founders, Elaine Kent-Smith and Sid Simmons, chief executive Roger Banks, together with other employees. Approximately 70% of the consideration will be payable in cash, with the balance to be satisfied by the issue of new St Ives ordinary shares.Tweet
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