Business information and events group Centaur Media has announced, 6 April, the £2.5m cash acquisition of the whole shareholding in expatriate information and events business, The Forum for Expatriate Management (FEM).
The final price issubject to FEM’s profits in the 12 months ending June 2013 and could rise. The final price is capped at £6.75m.
FEM’s gross assets at completion amounted to £1m, including 600k of cash.
The company is based predominantly in the UK and runs a web-based community of HR professionals responsible for the management of expatriates within international corporates, known as global mobility professionals.
FEM organises exhibitions and networking events (through regional chapters) for its international membership of 5,500 professionals and suppliers.
The business presently runs two major events in the UK and two in the USA, in addition to many smaller regional events run through local chapters.
FEM’s two vendors, Brian Friedman and Nigel Ayres, will remain with the business following the acquisition and all FEM staff will relocate to Centaur offices in London.
In its last financial year, to 31 December 2010, FEM generated revenues of £1.0m and EBIT (earnings before interest or taxes) of £400,000.
Geoff Wilmot, CEO of Centaur, said: “FEM is an excellent fit with Centaur and I am delighted to welcome Brian Friedman and his team to the group.
“FEM serves a community which is closely linked to that of compensation andbenefits professionals, which is a core market for Centaur. There are also further synergies with our portfolio of business travel shows.”
Friedman said joining Centaur would provide the infrastructure to grow existing activities. “The synergies with business travel could not be a better fit for our aggressive expansion plans,” he said.
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