Trillium Partners Advises Centaur Media On The Disposal Of Perfect Information
Trillium Partners Limited (Trillium), the independent corporate finance advisory firm, is pleased to announce that it has advised Centaur Media plc (Centaur), the UK-listed B2B information and events group, on the disposal of Perfect Information Limited (Perfect Information) to Mergermarket Limited (the Disposal) for an enterprise value of £26 million.
Perfect Information is a leading provider of corporate finance and capital markets documents offering a suite of digital workflow solutions to investment banks, corporate law firms, financial services consultancies and accountancy firms. Perfect Information tracks approximately 50,000 publicly quoted companies across North and South America, Europe and Asia Pacific and has a 23-year database of over 18 million documents, which is supplemented at a rate of around 3,000 documents per day and organised using proprietary classification technology. Perfect Information employs 30 people and is based in London. In the financial year ended 30 June, 2013, Perfect Information generated revenues of £6.1 million, and an operating profit of £1.4 million.
The Disposal follows the appointment of Andria Vidler as CEO of Centaur in November 2013. While Perfect Information has been a successful part of Centaur and has been consistently profitable, most of its customers are global investment banks and there is limited overlap of customers, content and technology between Perfect Information and the majority of Centaur’s brands.
Part of the proceeds (£12.5 million) arising from the Disposal have been used to settle early an earn out obligation arising from the 2012 acquisition of Econsultancy. The remaining proceeds will be used to increase Centaur’s balance sheet capacity and enable Centaur to invest further in its core markets.
Trillium advised Centaur on all aspects of the Disposal and early settlement of the Econsultancy earn out. In particular, Trillium: (1) advised on valuation and the financial effects of the Disposal relative to a range of strategic options; (2) positioned the asset for sale and created a full suite of marketing collateral; (3) created a long list of prospective international buyers (including both trade and private equity parties); (4) coordinated a full due diligence process; and (5) led negotiations with prospective buyers, advised on the selection of the preferred buyer, coordinated various legal and accounting work streams and delivered a Class I transaction within a relatively short timetable.
Mark Kerswell, Group Finance Director, commented:
“The Trillium team managed a comprehensive process, starting from developing financial projections to conducting value-enhancing negotiations with the ultimate buyer. This was a significant disposal for us and Trillium’s quality of advice and support was instrumental in ensuring a successful outcome.”
Stephen Routledge, Managing Director at Trillium, added:
“Centaur has a clear strategic plan and the Disposal represents the first step towards its renewed focus on core markets. We believe that the Disposal, together with the early earn out settlement, will help Centaur strengthen its existing portfolio businesses, provide the capacity to invest further in its core markets and accelerate growth across the business.
“We have now advised Centaur on five transactions during the last four years, which further demonstrates Trillium’s track record of providing quality advice based on long-term client relationships.”
About Trillium Partners
Trillium Partners is an independent mid-market firm that advises listed companies, private firms and financial sponsors on M&A and Private Capital raising transactions valued at £20 million to £500 million in the B2B Information Services and Events, Consumer Media, Learning and Development, and Marketing Services.
Over the last 30 years, we have advised our clients on a comprehensive array of transactions in the UK, Europe, USA and Asia, with an aggregate value in excess of £10 billion. Underpinned by deep sector knowledge and insight, our expertise extends from private acquisitions and disposals to public offers and raising capital from the private equity, family office, banking and alternative finance communities for working capital, business development, acquisitions and buy-outs.
For more information regarding this transaction, please contact Stephen Routledge or Philip Mastriforte on +44 (0)20 3008 8375