11 March 2013 St Ives plc - Acquisition St Ives plc ("St Ives" or "the Group") is pleased to announce that it has agreed to acquire Amaze plc ("Amaze"), a leading marketing and technology consultancy, from Hasgrove plc ("Hasgrove"). The acquisition of Amaze is a continuation of St Ives' strategy to create a complementary range of digital and marketing services that will enable the Group to add further value to existing and new clients. Established in 1997, Amaze is a leading digital marketing agency and digital business solutions provider, providing services such as strategic consultancy, design and build, digital commerce and technology, digital communications and global implementation and rollout services. The business employs approximately 200 staff, is headquartered in central London and has a strong B2C and B2B client base across a range of vertical sectors that includes a number of international brands in the FMCG, automotive, retail and other sectors. In the financial year ended 31 December 2011, Amaze generated adjusted* EBITDA of £1.5million on revenue of £14.6million; gross assets were £15.3million. (* Before items of a one off nature.) St Ives has agreed to acquire all of the issued share capital of Amaze, on a cash and debt free basis, for £15.3 million in cash. Further consideration of up to £9.0million may be payable dependent on incremental financial performance for the year ending 31 December 2013. The acquisition is subject to the approval of Hasgrove's shareholders and a circular outlining the disposal will be sent to their shareholders shortly. It is expected that the acquisition will be earnings enhancing in the current financial year. Following the acquisition, Amaze will operate as a subsidiary of St Ives and will continue to be managed from its current locations by the existing management team of Natalie Gross, Wendy Stonefield, Rick Curtis, Matt Clarke, Sandra McDowell and Stephen Collins. Patrick Martell, Chief Executive of St Ives, said: "The acquisition of Amaze creates the foundation for an additional major pillar of our Marketing Services strategy. We have strong positions in data marketing, research and consultancy services, field marketing, and now digital solutions. Further acquisitions will be focussed on building out these four pillars to further strengthen our integrated marketing services offering." Natalie Gross, Chief Executive Officer at Amaze, commented: "We are extremely excited about becoming part of the St Ives Group, with all the opportunities this presents. St Ives has a well known history for backing and supporting the growth and expansion of the companies it acquires and enabling them to realise their full potential." - Ends - For further information please contact: St Ives plc 020 7928 8844 Patrick Martell, Chief Executive Matt Armitage, Finance Director MHP Communications 020 3128 8100 John Olsen/Ian Payne/Giles Robinson END -0- Mar/11/2013 07:00 GMT
ST IVES PLC: Acquisition(s)
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