We exploit dislocations in markets and unlock value from complex situations using a Get Rich and Stay Rich strategy. This strategy has given rise to returns over 23 years of 28% p.a. Net IRR
£22m of the consideration was funded by a placement of 8.8 million Future shares at 250p, which was almost four times oversubscribed. As the largest shareholder, Disruptive Capital was allocated 840,000 shares. Disruptive’s original stake in Future was acquired in 2016 when investee company Imagine Publishing was bought by Future for an all-share consideration; the share price has since increased nearly 150% to 320p as of 21st August 2017.
Acquisition highlights & rationale
-Further diversifies Future’s revenue streams, adding significant scale in events- a business with good revenue visibility and attractive working capital dynamics
-Adds multi-media specialist content activities with market leadership, in line with Future’s strategy
-Brings three more key brands to Future’s portfolio: Homebuilding and Renovating, Period Living and Real Homes
-Seven exhibitions, print and digital assets
-Builds on Future’s platform business by adding a new division without incurring significant overheads
-New, significant growth opportunities as part of Future’s platform business, particularly within eCommerce
-Addition of further market leading content meets the needs of audiences and loyal communities – a central component of Future’s operating model.
Edi Truell, the Chairman of Disruptive Capital, stated:
“Disruptive was very happy to support this excellent management team in their latest strategic acquisition; as investors we buy, build and transform. We also invest in companies we’d be proud to own, and in Future we have definitely found that.”
Home Interest represents an exciting addition to Future’s stable of titles and community of users, and in particular a significant enhancement of Future’s events and ecommerce capabilities.
“The oversubscription of the share placement, and the subsequent surge in the share price, are both encouraging signs that the market shares our enthusiasm for Future’s growth strategy and prospects.”
Zillah Byng-Thorne, CEO of Future, commented:
“Centaur’s Home Interest division will significantly add to our scale and momentum, while further diversifying our revenue streams, as we continue to build a global platform business for specialist media with data at its heart.”
“The Home Interest division brings a strong management team and market leading access to an attractive new vertical with clear growth potential. Home interest’s brands, market position, industry leading events and quality content will further reinforce our position as a trusted destination for consumers and for our customers.”
“We have a track record in profitably integrating acquisitions and we expect the acquisition of Centaur’s Home Interest division to be materially earnings enhanced in the full first year of ownership.”
Nick Noble, Deputy Managing Director, Home Interest commented:
“We are delighted to be joining Future’s portfolio of market leading brands.”
“Future’s innovative platform business provides significant growth opportunities for us, particularly within eCommerce.”
“We look forward to working with Future’s dynamic leadership team and to contributing to the continued growth of the Group.”
division of Centaur Media plc, a portfolio of market leading and differentiated brands in the home building segment, for cash, at an enterprise value of £32 million.
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