|By Business Wire||
|January 22, 2014 11:08 AM EST||
Agreement has been reached for the Mark Allen Group (MAG) to acquire 100% of Findlay Media Limited (FML). Subject to due diligence, the deal will complete in early April 2014.
FML will continue to operate from its offices in Dartford, Kent, but over time MAG will look to integrate senior management and share central service expertise with MAG teams based at Herne Hill, London and Dinton, Wiltshire.
Chairman and founder of MAG, Mark Allen, said that the combined group would advance MAG’s turnover beyond £25 million and accelerate its profits.
He added: “The fit is perfect. Findlay Media is a very solid and profitable business, really well run by CEO Peter Knutton and its senior management team.
“MAG is well known for the range and diversity of its products and for its expertise in magazine subscription management. FML is renowned for its circulation and data excellence plus exceptional IT systems. Both groups also have fast growing revenues in conferences, exhibitions, events and online.
“Like MAG, FML has exceptionally strong publishing teams. It also has an excellent portfolio of magazine brands in UK manufacturing and engineering…a sector currently enjoying a significant renaissance…and these perfectly complement MAG’s portfolio in healthcare, education, business and leisure.”
Terms for the sale were reached quickly and easily based on trust and confidence between founders Bob Findlay and Mark Allen, shared by CEOs Peter Knutton and Ben Allen.
Mark Allen continued: “I have known Bob Findlay since the 1980s as an instinctive and creative publisher who has always been ahead of the curve. Equally, I have great admiration and liking for Peter Knutton, whose management skills have navigated FML so successfully over the last few years.”
MAG’s CEO Ben Allen said: “MAG is a fast growing business and this is a very attractive purchase for the group. I look forward to working closely with Peter and his fellow director Ed Tranter to deliver exciting growth opportunities enhancing both businesses”.
Peter Knutton echoed these views. “It’s a fantastic opportunity to take two long established, privately-owned media teams into publishing’s premier league. The prospects for the employees of both publishers are very exciting. I am totally committed to helping MAG develop and grow over the next few years. It is going to be a huge and enjoyable challenge.”
Findlay’s founder Bob Findlay, also chairman of the rapidly growing Leigh Academies Trust, said: “While most larger B2B publishers allowed magazine growth to fade away as they focused on online activities, these two companies have profited from maintaining strong magazines as the core of multimedia relationships with their reader and advertiser communities.
“I am delighted by the perfect sense and timing of this deal. I will be very sorry to say goodbye to my company after 40 years, but Findlays has never been stronger than it is today in terms of markets and people. It needs room to continue growing in a company passionate about magazine publishing as well as new media. MAG brings that and FML will also add excellent value to its new owner. MAG is set be a main player in the new league of emerging B2B publishers.”