Centaur Media PLC Centaur agrees sale of engineering portfolio (4914Y)
May 09 2019 - 2:00AM
UK Regulatory
TIDMCAU
RNS Number : 4914Y
Centaur Media PLC
09 May 2019
9th May 2019
Centaur Media Plc
Centaur agrees sale of engineering portfolio to Mark Allen
Group
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
its engineering portfolio, including The Engineer and Subcon, to
Mark Allen Group.
This transaction follows the recent disposals of Centaur's
financial services business, its travel and meetings exhibitions
and its HR business. The sale of Centaur's engineering businesses
will take aggregate proceeds to GBP21.75m in cash.
The engineering portfolio includes the market's leading website,
magazine and events, and has deep industry relationships and a
diversified client base. The Engineer is one of the UK's
longest-running business publications and is supplemented by
Subcon, which is the must-attend event for subcontract
manufacturing professionals.
Centaur has been exploring the divestment of its smaller
businesses following the conclusion of a strategic review last
October and its decision to improve operational execution by
focussing on its leading brands. Mark Allen Group will pay a cash
consideration of GBP2.5m (subject to customary post-completion
adjustments). The transaction is expected to complete on 31
May.
Negotiations for the sale of The Lawyer are continuing and the
Group will provide an update in due course. As previously
disclosed, Centaur will consider the best use for the sale proceeds
once the divestment process is complete.
Andria Vidler, Chief Executive of Centaur, said:
"This is the fourth disposal following Centaur's divestment
review. Throughout the process we have been pleased with the
interest our businesses have received, and we are delighted that
our engineering portfolio is joining Mark Allen Group who recognise
its value and are well positioned to take it forward.
"I would like to say a huge thank you to the teams across the
portfolio. The continued success of the brands and contribution to
Centaur over the years is a testament to their hard work and
ongoing commitment."
Ben Allen, Chief Executive of Mark Allen Group, added:
"The acquisition of these premium brands is part of our strategy
to target well-established products in markets where we believe
there are exciting growth opportunities. These assets will further
strengthen our existing manufacturing and engineering publishing
and event portfolio, which includes titles such as New Electronics
and Eureka, as well as the Engineering Design Show."
Cavendish Corporate Finance is acting as financial adviser to
Centaur in relation to the sale of the professional services
businesses.
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 and
Oystercatchers.
Mark Allen Group
Mark Allen Group is a dynamic information services company which
delivers high-quality content through market-leading journals,
magazines, events, exhibitions and websites. Mark Allen Group owns
97 brands, which target specialists in healthcare, education,
manufacturing, engineering, aviation, business-to-business and
leisure markets.
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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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