Centaur agrees sale of engineering portfolio

RNS Number : 4914Y

Centaur Media PLC

09 May 2019

 

9th May 2019

Centaur Media Plc

Centaur agrees sale of engineering portfolio to Mark Allen Group

Centaur Media Plc ("Centaur" or the "Group"), an international provider of business information and specialist consultancy, today announces that it has entered into a conditional agreement to sell its engineering portfolio, including The Engineer and Subcon, to Mark Allen Group.

This transaction follows the recent disposals of Centaur's financial services business, its travel and meetings exhibitions and its HR business. The sale of Centaur's engineering businesses will take aggregate proceeds to £21.75m in cash.

The engineering portfolio includes the market's leading website, magazine and events, and has deep industry relationships and a diversified client base. The Engineer is one of the UK's longest-running business publications and is supplemented by Subcon, which is the must-attend event for subcontract manufacturing professionals.

Centaur has been exploring the divestment of its smaller businesses following the conclusion of a strategic review last October and its decision to improve operational execution by focussing on its leading brands. Mark Allen Group will pay a cash consideration of £2.5m (subject to customary post-completion adjustments). The transaction is expected to complete on 31 May.

Negotiations for the sale of The Lawyer are continuing and the Group will provide an update in due course. As previously disclosed, Centaur will consider the best use for the sale proceeds once the divestment process is complete.

Andria Vidler, Chief Executive of Centaur, said:

"This is the fourth disposal following Centaur's divestment review. Throughout the process we have been pleased with the interest our businesses have received, and we are delighted that our engineering portfolio is joining Mark Allen Group who recognise its value and are well positioned to take it forward.

"I would like to say a huge thank you to the teams across the portfolio. The continued success of the brands and contribution to Centaur over the years is a testament to their hard work and ongoing commitment."

Ben Allen, Chief Executive of Mark Allen Group, added:

"The acquisition of these premium brands is part of our strategy to target well-established products in markets where we believe there are exciting growth opportunities.  These assets will further strengthen our existing manufacturing and engineering publishing and event portfolio, which includes titles such as New Electronics and Eureka, as well as the Engineering Design Show."

Cavendish Corporate Finance is acting as financial adviser to Centaur in relation to the sale of the professional services businesses.

Enquiries

Centaur Media Plc
Andria Vidler, Chief Executive Officer	020 7970 4000
Swag Mukerji, Chief Financial Officer
Teneo
Paul Durman/Rebecca Hislaire	020 7420 3144

Note to editors

Centaur

Centaur is an international provider of business information and specialist consultancy that inspires and enables people to excel at what they do, raising the standard for insight, interaction and impact.

Leading brands include: Econsultancy, Marketing Week, Festival of Marketing, MarketMakers, Creative Review, Influencer Intelligence, Fashion & Beauty Monitor, The Lawyer and Oystercatchers.

Mark Allen Group

Mark Allen Group is a dynamic information services company which delivers high-quality content through market-leading journals, magazines, events, exhibitions and websites. Mark Allen Group owns 97 brands, which target specialists in healthcare, education, manufacturing, engineering, aviation, business-to-business and leisure markets. 

 

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