13th Sep 2007 08:28
United Business Media acquires Ithaca Holdings for ‚£14.25m
Adds six complementary events to CMP Information's UK B2B media portfolio
United Business Media Plc today announces that CMP Information, UBM's UK-based business information division, has acquired Ithaca Holdings Limited from the company's management and NVM Private Equity Ltd. for a total cash consideration of ‚£14.25m.
Ithaca is a UK media business which operates a portfolio of six UK B2B events and related media. The portfolio comprises three substantial and well-established trade exhibitions - Internet World, Leisure Industry Week and Service Management Europe - and three smaller events - London Calling, Triple i and SALTEX. CMPi has existing complementary businesses in the markets served by Ithaca's events.
In 2007 Ithaca's revenues are forecast to be approximately ‚£6.7m. The acquisition is anticipated to meet UBM's 8% post-tax cost of capital acquisition criterion in its first full year of ownership.
Gary Hughes, Chief Executive Officer of CMP Information said:
"I am pleased that we are expanding our UK event portfolio with the acquisition of Ithaca. This acquisition builds and broadens CMPi's media portfolio in a number of our existing B2B markets, adding a complementary event component to our offering in each of those B2B communities."
- Ends - ContactsMedia Peter Bancroft Director of Communications E-mail [email protected] Direct telephone +44 20 7921 5961 Chris Barrie Citigate Dewe Rogerson E-mail [email protected] Direct telephone +44 20 7282 2943 Mobile +44 796 872 72 89 Analysts/Investors Email [email protected] Direct telephone +44 20 7921 5095 Nigel Wilson +44 20 7921 5019 Andrew Crow +44 20 7921 5940 Notes to Editors
1. About United Business Media Plc
United Business Media Plc is a leading global business media company. We inform markets and bring the world's buyers and sellers together at events, online, in print, and with the information they need to do business successfully. We focus on serving professional commercial communities, from doctors to game developers, from journalists to jewellery dealers, from farmers to pharmacists around the world. Our 5,000 staff in more than 30 countries are organised into specialist teams that serve these communities, helping them to do business and their markets to work effectively and efficiently.
For more information, go to www.unitedbusinessmedia.com.
2. Ithaca Holdings events
- Internet World: Held annually at Earls Court, Internet World focuses on providing UK executives working in new media, e-commerce and online marketing with everything they need to develop and implement their internet strategies. For more information, go to www.internetworld.co.uk.
- Leisure Industry Week: The Leisure Industry Week show is held annually at the NEC, Birmingham and serves the out-of-home leisure industry, particularly the fitness, family attractions, hospitality and leisure solutions markets. For more information, go to www.liw.co.uk.
- Service Management Europe: With a complementary magazine, Service Management Europe is the flagship exhibition and conference for board-level and senior management service professionals across the field service community. For more information, go to www.servicemanagement.co.uk.
- London Calling: London Calling is the international meeting place for music managers, labels, service providers, retailers, distributors and the new companies building the future of music business. For more information, see www.londoncalling2007.com.
- Triple i: The Triple i Convention is an invitation-only residential conference for senior IT strategists who wish to keep abreast of the latest business improvement tools and technology best practice. For more information, go to www.iiicon.com.
- SALTEX: Run annually with the Institute of Groundsmanship, SALTEX is the leading UK event for the grounds care, sports amenities and estate management sectors. For more information, see www.iogsaltex.co.uk.
UNITED BUSINESS MEDIA PLCRelated Shares:
UBM