9th Mar 2007 07:01
Huntsworth PLC09 March 2007 HUNTSWORTH PLC 9 March 2007 Acquisition of Dorland Huntsworth PLC ("Huntsworth"), the international public relations group,announces today that it has acquired the entire issued share capital of DorlandGlobal Corporation ("Dorland"), a leading healthcare communications companyoperating in the USA. This acquisition extends the reach of the healthcaredivision, Huntsworth Health, into the largest healthcare market in the world,where many major pharmaceutical companies are headquartered. Dorland has been acquired from Harry and Rita Sweeney and eight othershareholders. Harry Sweeney (Chairman and CEO) and Rita Sweeney (President andCOO) will lead the existing management team, which includes Richard Minoff(President of Dorland Global Health Communications), Nancy Bacher Long(President of Dorland Global Public Relations), and Charlie Santangelo (CFO),that will continue to operate the business following the acquisition. Themanagement team will report to David Rowley, Chief Executive of HuntsworthHealth. The initial consideration is US$20,684,000, paid in cash. Deferredconsideration may be payable, with an interim payment to be settled in cashbased on profits for the year to 31 December 2007, and a final payment to besettled in cash based on profits for the three years to 31 December 2010. Themaximum total consideration is US$50 million. For the year ended 31 December 2006, Dorland had profit before tax ofUS$3,528,000. The gross assets at 31 December 2006 were US$11,048,000. Lord Chadlington, Chief Executive of Huntsworth said: "We are delighted to announce the acquisition of Dorland, which builds on ourcore strategy that includes the development of a global, integrated healthcarecommunications business. It has always been our ambition to add a US arm to ourhighly successful UK healthcare group, which together with our European presencegives our healthcare business a truly global reach. Dorland offers advertising,medical education, and public and professional relations services, which mirrorand extend the services that Huntsworth Health provides." Harry Sweeney, Chairman and CEO of Dorland said: "With the shift in the pharmaceutical sector towards globalisation and thegrowth of e-marketing in the healthcare sector, the time is now right forDorland to team up with an entrepreneurial international partner to maximise ouropportunities in both areas. We have been talking with Huntsworth for some timeand have no doubt that the strategic fit is right and our complementary businesscultures will significantly benefit both our clients and our staff." Enquiries: Huntsworth PLC +44 (0)20 7408 2232Lord Chadlington, Chief ExecutiveSally Withey Group Finance Director Huntsworth Health +44 (0)1628 483196David Rowley, Chief Executive [email protected] Dorland Global Corporation +1 (0)215 625 0111Harry Sweeney, Chairman & CEO [email protected] Sweeney, President, COO [email protected] Notes to Editors: Dorland Group Dorland in its current form was founded in 1971 by its principal shareholdersHarry and Rita Sweeney. Over the past 10 years Dorland's focus has beenprincipally pharmaceutical, offering public relations, marketing communicationsand advertising to a mainly blue chip client base, including Novartis, Centocor,Cephalon, Procter and Gamble, Schering-Plough. Lundbeck and Baxter. In 2006, Dorland PR was awarded '2005 Healthcare Agency of the Year' in theHolmes Report, and 2004 saw Harry and Rita being nominated 'agency people of theyear' in the annual Med Ad News Awards. Dorland employs 125 people in three locations, Philadelphia, San Francisco andNew York. Huntsworth Health Huntsworth Health is the healthcare division of Huntsworth plc. HuntsworthHealth employs 110 people covering the public relations, advertising, medicaleducation and market research sectors, making it the largest integratedhealthcare agency in the UK. Huntsworth Health's focus is entirely healthcare,with predominance in pharmaceuticals. In combination with its Huntsworth partners Trimedia and Mmd, Huntsworth Healthnow has a presence across Europe and North America. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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