Centaur Media PLC Centaur agrees sale of HR business (2686W)
April 16 2019 - 2:00AM
UK Regulatory
TIDMCAU
RNS Number : 2686W
Centaur Media PLC
16 April 2019
16 April 2019
Centaur Media Plc
Centaur agrees sale of HR business to DVV Media
International
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 Human Resources Limited, the owner of the Employee Benefits
brand and the rest of its HR business, to DVV Media International
Ltd ("DVV Media International") for a cash consideration of GBP5m
(subject to customary post-completion adjustments). Completion of
the disposal is expected to take place on 30 April 2019.
The HR business, part of Centaur's professional services
division, generates most of its revenues from events that include
Employee Benefits Live, Employee Benefits Connect and the Forum for
Expatriate Management. These events are supported by the Employee
Benefits website and supplements, which provide news, analysis and
research on the UK rewards and benefits industry.
The sale of the HR business follows the recent disposals of
Centaur's financial services business, including leading brands
such as Money Marketing and Mortgage Strategy, and its travel and
meetings exhibitions, including the Business Travel Show and the
Meetings Show, which will raise in aggregate GBP14.25m.
Centaur has been exploring the divestment of its smaller
businesses since a decision last October to simplify the Group's
structure and to focus management resources on its leading brands.
Negotiations for the sale of other businesses are continuing and
updates will be provided in due course. Centaur will consider the
best use for the sale proceeds once the divestment process is
complete.
DVV Media International is the UK subsidiary of DVV Media GmbH,
a business publishing house, specialising in professional
information in the transport & logistics and HR and Recruiter
services sector. The HR acquisition will complement the DVV
portfolio where it is already active with the leading generalist HR
brand Personnel Today.
Andria Vidler, Chief Executive of Centaur, said:
"We are pleased to have found a supportive owner for the
Employee Benefits businesses and the Forum for Expatriate
Management, and congratulate DVV Media International on its
purchase. I would like to thank the teams for their continued
commitment through this sale process.
"This is the third disposal to arise from Centaur's divestment
review and increases the disposal proceeds to GBP19.25m. We are
pleased with the interest that we have seen from potential
purchasers, a validation that we own strong brands that are
well-positioned in their market segments."
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 HR business made
earnings before interest, tax, depreciation and amortisation of
GBP1.2m (before central overhead allocation) (GBP1.4m in 2017) on
revenues of GBP3.2m (2017: GBP3.6m). At 31 December 2018, the
business had gross assets of GBP0.3m.
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, The
Engineer, Subcon and Oystercatchers.
DVV Media International
DVV Media International Ltd is a business publisher focused on
two primary sectors - Transport & Logistics and HR &
Recruiter Services. The business runs a number of magazines,
websites, awards, conferences and exhibitions serving these
markets.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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