Centaur Media has agreed to acquire the business and assets of Oystercatchers LLP.
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 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 date.
Centaur expects the acquisition to be earnings enhancing in the first twelve months of ownership.