21 September 2016
Centaur Media plc
Acquisition of specialist marketing consultancy Oystercatchers
Centaur Media Plc (LSE: CAU), the multi-platform business information, insight and events group, is pleased to announce that it has agreed to acquire the business and assets of Oystercatchers LLP ("Oystercatchers"). Oystercatchers will build on Centaur's Econsultancy and other marketing assets to provide an international leading consultancy in the marketing sector.
Oystercatchers, www.theoystercatchers.com, founded by Suki Thompson and Peter Cowie in 2008, is a consultancy helping brands to accelerate their marketing performance. Centaur's Econsultancy business www.econsultancy.com enables marketers and ecommerce professionals to succeed online with insight and data tools. The two businesses will together provide aligned services to marketing clients that improve marketing capability and performance. Limited client overlap means these two businesses offer opportunities to cross-sell services to a wider client base as well as a broader geography. Centaur's US platform will be particularly relevant to Oystercatchers' existing and future clients.
Oystercatchers' senior management team of Suki Thompson, Peter Cowie, Angus Crowther, Richard Robinson and Vladimir Komanicky will remain with the business and Suki Thompson will join the Centaur Executive Committee from 1 October 2016. Oystercatchers' client and agency relationships will be a valuable asset for the Centaur Group.
Centaur is paying up to £3.35million for Oystercatchers of which £2.2million is payable on completion. Completion is targeted for 1 October 2016 following consultation with Oystercatchers employees. The deferred consideration is contingent upon certain achievements including Oystercatchers' EBITDA for the 12 month period ending on 31 March 2017. All consideration is payable 75% in cash, 25% in Centaur shares with a two-year lock-in period on the shares.
Oystercatchers' turnover has grown from £1.1million in the year to 31 March 2012 to £3.4million in the year to 31 March 2016. In the year to 31 March 2016, Oystercatchers made a profit before tax of £0.6m and had gross assets of £1.1m as at that date1. Centaur expects the acquisition to be earnings enhancing in the first twelve months of ownership.
Suki Thompson, CEO of Oystercatchers commented:
"Oystercatchers has evolved into one of the leading specialist marketing consultancies in Europe. Joining Centaur is another stage on this journey and will help us take our expertise to many more brands globally. We are excited to be joining Centaur."
Andria Vidler, CEO of Centaur Media commented:
"This acquisition is a win-win for our businesses. The combination will enable Centaur to become the "go to" provider for brands seeking to drive its marketing performance. This kind of specialist acquisition is a good example of how Centaur will seek to accelerate its presence in its chosen market sectors. "
Centaur Media plc
Andria Vidler, Chief Executive Officer 020 7970 4000
Swag Mukerji, Chief Financial Officer 07941 027 130
1. Results disclosed for Oystercatchers are unaudited.
This information is provided by RNS