Tarsus Group PLC Acquisition (6552W)
November 11 2014 - 2:01AM
UK Regulatory
TIDMTRS
RNS Number : 6552W
Tarsus Group PLC
11 November 2014
11 November 2014
Tarsus Group plc
Acquisition of the South Beach Symposium
Tarsus Group plc (LSE: TRS, "Tarsus" or the "Group"), the
international business-to-business media group, has agreed to
acquire 100% of the assets of the South Beach Symposium ("SBS")
from SBS Medical Education LLC. SBS is a leading educational event
for Dermatologists, Plastic Surgeons and other physicians and
represents a significant addition to the Group's medical
division.
The preventative medicine market in the US comprises four key
pillars: neurological disorders, endocrinology, cardiovascular and
cancer. Skin health is one of the most important elements of
preventative medicine with skin cancers now accounting for nearly
half of all cancers diagnosed in the United States. SBS'
comprehensive approach to skin health education addresses the key
areas of dermatology continuing medical education: medical,
surgical, including cutaneous oncology, pediatric and aesthetics.
Following Tarsus' acquisition earlier this year of a
cardiovascular-focused event, the Cardiometabolic Health Congress
("CMHC"), the acquisition of SBS provides the Group with increased
access to another key pillar of the US preventative medicine
market.
In early 2014 the Group broadened its medical education offering
with the launch of the Metabolic Medical Institute (MMI). This
launch supports the Group's Quickening the Pace strategy which is
focused on driving organic growth and making selective strategic
acquisitions with a view to accelerating the growth of returns to
shareholders. Along with CMHC, the acquisition of SBS accelerates
the growth of MMI into the mainstream medical market.
Acquisition highlights
-- Acquisition of 100% of the assets of SBS for a total cash
consideration of US$6.4 million (the "Acquisition") with US$5.5
million payable on completion and deferred payments made to be made
through to 2018 of US$0.9 million. The consideration will be met
from existing financial resources.
-- The Acquisition includes the immediate purchase of SBS's
planned online education business "Dermatology Education Online"
which will take both the existing medical education content of the
event as well as new educational and promotional material and make
it available to a wider audience online. Consideration for the
online education business is payable in 2018 with reference to the
profits of that business in 2017. The maximum consideration for the
SBS online education business has been set at US$20 million.
-- SBS takes place annually in Miami and the next edition will be held in February 2015.
-- Founder Mark Nestor, M.D., Ph.D. will continue to lead SBS
after its acquisition and is contracted through to the 2017
event.
-- For the year ended 31 December 2013, the assets subject to
the transaction recorded unaudited profit before tax of
approximately US$0.8 million.
-- The Acquisition is expected to be earnings accretive in the
financial year ending 31 December 2015 and thereafter.
Douglas Emslie, Tarsus Group Managing Director, said:
"The acquisition of SBS is another key step in the transitioning
of the Group's medical business and the implementation of the
"Quickening the Pace" strategy. As we focus on taking preventative
medicine into the mainstream medical market, the acquisition of SBS
compliments the launch of MMI and the earlier acquisition of CMHC.
These initiatives will accelerate our progress and provide a strong
platform for growth".
Tarsus is hosting a Capital Markets Seminar for analysts and
investors later today to be held at Skinners Hall, 8 1/2 Dowgate
Hill, London EC4R 2SP at 4pm. The event will provide information on
the Group's Medical division with an overview of the market and the
Group's divisional strategy. No new material information will be
made available.
For further information:
Tarsus Group plc:
Douglas Emslie, Group Managing +44 (0)20 8846
Director 2700
Dan O'Brien, Group Finance Director
IR Focus +44 (0)79 0997
Neville Harris, Investor Relations 6044
Notes to editors
Tarsus Group plc (LSE:TRS) is an international
business-to-business media group with interests in exhibitions,
publishing and online media. The Group operates globally in key
verticals including aviation, medical, labels and packaging,
discount clothing (Off-Price), housewares and automotive. Tarsus
runs more than 80 events and websites and its flagship brands
include the Labelexpo exhibitions in Europe, the Americas and Asia
and the Dubai Airshow.
The Group operates across a worldwide network of offices in
Dublin, London, Paris, Milwaukee, Boca Raton (Florida), Dubai,
Shanghai, Jakarta, New Delhi and Istanbul. Tarsus is building on
its strong presence in the emerging markets of the Middle East,
China, Turkey, Indonesia and Mexico.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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