3rd Jul 2009 07:00
3 July 2009 United Business Media completes its buyout of RISI, Inc. for $14.3m Mike Coffey confirmed as RISI Chief Executive Officer
United Business Media Limited today announces that it has acquired the remaining 48% of the holding company of RISI, Inc. from its joint venture partner Pegasus Partners II, LP for a total cash consideration of $14.3m. As a result of this transaction RISI, Inc. is now effectively owned and controlled by UBM.
RISI, Inc. (www.risiinfo.com) provides online and printed market, pricing, news, analysis and benchmarking products and services on the forest product industry. These products and services are essential to the strategic planning and workflow of businesses operating throughout the forest product industry, as well as the industry's suppliers and customers. RISI also has a small portfolio of events held annually around the world. RISI employs a total of 125 staff, based in Bedford, Mass. with principal satellite offices in Brussels, San Francisco and Atlanta. In recognition of China's role as an increasingly important customer to the forest products industry, RISI also headquarters its Asian business in Shanghai. In 2008 RISI generated revenues of £14.4m. UBM anticipates that this further investment in RISI will deliver a return in line with, or in excess of, UBM's acquisition post-tax return threshold of 8%.
UBM also formally confirms the appointment of Mike Coffey as RISI's Chief Executive Officer. Mike joined RISI as Chief Information Officer in April 2007 and has more recently served as the business's Chief Operating Officer. Mike has played a central role in the ambitious programme of product and process modernisation which has been instrumental to improving RISI's business performance. Mike joined UBM in May 2003 and has served in a range of technology and product development leadership roles within UBM's US-based businesses and has led a number of successful growth initiatives. Mike has also been closely involved with UBM's US acquisition process where he has been responsible for evaluating and planning a number of acquisitions and their subsequent integration into UBM. Prior to joining UBM, Mike led dozens of consulting engagements globally for e-commerce software provider ATG, ultimately founding their Asia/Pacific consulting organization in 2002. Mike succeeds John Day who was appointed to the post of Chief Executive Officer of UBM Global Trade in May 2009.
David Levin, Chief Executive Officer of UBM said:
"We are very pleased to have acquired the remaining equity in RISI's holding company. RISI is a well-positioned business with excellent opportunities to expand its portfolio of data and information-based subscription product and services for the growing global market for paper and paper-based products. RISI's products and services are highly complementary to UBM's existing products serving this market, particularly our global portfolio of exhibitions and conferences such as the Tissue World shows in Europe, USA and China, as well as Asian Paper and ANEX, the largest non-wovens exhibition in Asia."
"I am also very pleased to confirm Mike Coffey's appointment as RISI's CEO. Mike has been a key member of a management team that has successfully driven improvements to the business and its financial performance. Mike has an intimate knowledge of the business and a proven track record of leading effective change. I look forward to Mike realising RISI's potential in taking the business to the next level of its development."
- 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 Editors1. United Business Media
UBM focuses on two principal activities: worldwide information distribution, targeting and monitoring; and, the development and monetisation of B2B communities and markets. UBM's businesses inform markets and serve professional commercial communities - from doctors to game developers, from journalists to jewellery traders, from farmers to pharmacists - with integrated events, online, print and business information products. Our 6,500 staff in more than 30 countries are organised into specialist teams that serve these communities, bringing buyers and sellers together, helping them to do business and their markets to work effectively and efficiently.
For more information, go to www.ubm.com
2. About RISI, Inc.
RISI is the leading information provider for the global forest products industry. The company works with clients in the pulp and paper, wood products, tissue, timber, non-wovens, printing and publishing industries to help them make better decisions.
Headquartered in Boston (Bedford), Massachusetts, RISI operates offices in Brussels, Belgium; Atlanta, Georgia; San Francisco, California; Portland, Oregon; Charlottesville, Virginia; Sao Paulo, Brazil; Shanghai, China; and Singapore.
For more information, visit www.risiinfo.com.
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