TIDMCAU
RNS Number : 7298V
Centaur Media PLC
10 April 2019
10 April 2019
Centaur Media Plc
Centaur agrees sale of travel and meetings exhibitions to
Northstar
Centaur Media Plc ("Centaur" or the "Group"), an international
provider of business information and specialist consultancy, today
announces that it has entered into a conditional agreement to sell
Centaur Media Travel and Meetings Limited (CTM), the owner of the
Business Travel Show and The Meetings Show, to Northstar Travel
Media UK Limited ("Northstar"), a leading B2B information and
marketing solutions company focused on the global travel and
meetings industries. Completion of the disposal is expected to take
place on 30 April 2019.
The disposal follows Centaur's decision last October to explore
the divestment of its smaller businesses in order to simplify the
Group's structure and to focus management resources on its leading
brands. Centaur announced on 1 April 2019 that it has raised GBP5m
from the sale of its financial services business, which includes
brands such as Money Marketing and Mortgage Strategy.
Northstar will pay a cash consideration of GBP9.25m (subject to
customary post-completion adjustments) for CTM, which formed part
of the Group's professional services division. Centaur will
consider the best use for the sale proceeds following the
completion of its divestment review.
Centaur's professional services division comprises The Lawyer
and a portfolio of market leading event brands across three
sectors: travel and meetings, human resources and engineering.
Andria Vidler, Chief Executive of Centaur, commented:
"Today's announcement is another important milestone in
Centaur's ongoing transformation. As we focus on building more
robust and stronger recurring revenues, we are reducing Group
complexity and overheads that will allow us to deliver efficiencies
and improve our operating margins.
"Our travel and meetings exhibitions have made a valuable
contribution to Centaur over the years, and I would like to take
this opportunity to thank the team for their commitment. I am
pleased that the business is joining Northstar, who recognise its
value and whose expertise and understanding of the travel sector
will help it to realise its potential."
Cavendish Corporate Finance is acting as financial adviser to
Centaur in relation to the sale of the professional services
businesses.
For the year ended 31 December 2018, Centaur's travel and
meetings exhibitions made normalised earnings before interest, tax,
depreciation and amortisation operating profit of GBP1.7m (before
central overhead allocations), up from GBP1.6m in 2017, on revenues
of GBP6.4m (2017: GBP6.1m). At 31 December 2018, the business had
gross assets of GBP1.7m.
Enquiries
Centaur Media Plc
Andria Vidler, Chief Executive
Officer 020 7970 4000
Swag Mukerji, Chief Financial
Officer
Teneo
Paul Durman/Rebecca Hislaire 020 7420 3144
Note to editors
Centaur
Centaur is an international provider of business information and
specialist consultancy that inspires and enables people to excel at
what they do, raising the standard for insight, interaction and
impact.
Leading brands include: Econsultancy, Marketing Week, Festival
of Marketing, MarketMakers, Creative Review, Influencer
Intelligence, Fashion & Beauty Monitor, The Lawyer, Employee
Benefits, The Engineer, Subcon and Oystercatchers.
Northstar
Northstar Travel Group is the leading B-to-B information and
marketing solutions company serving all segments of the travel
industry including leisure/retail, corporate/business travel,
business and sports meetings, incentives, and travel
technology.
Northstar is the owner of well-known brands including Travel
Weekly, TravelAge West, Travel Weekly China, Business Travel News,
Successful Meetings, Meetings & Conventions, Incentive, M&C
China, Travel42, Axus Travel App, and Web in Travel. The company
produces more than 80 face-to-face events in 13 countries in retail
travel, hospitality, corporate travel, travel technology, sports
travel, and the meetings & incentive industry. In addition,
Northstar owns Phocuswright, the leading research, business
intelligence, and event producer serving the travel technology
industry.
Northstar Travel Group owns the Burba Hotel Network, the leading
producer of hotel investment events globally, including ALIS, the
largest hotel investment conference in the world produced with the
American Hotel & Lodging Association in Los Angeles each
year.
Northstar is also the majority shareholder in Inntopia, the
leading SaaS e-commerce software, CRM database marketing and
predictive analytics business serving the mountain destination,
golf, activities, hospitality, and specialty destination travel
markets.
Based in Secaucus, NJ, the company has offices in New York, NY;
Stowe, VT; Denver, CO; Edwards, CO; Burlington, VT; Los Angeles,
CA; Costa Mesa, CA; Lombard, IL; and global offices in Singapore,
Beijing, and Shanghai. And soon to be London.
Northstar Travel Group is owned by funds managed by EagleTree
Capital.
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END
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