PA Group Reaches Agreement to Sell MeteoGroup to General Atlantic
LONDON, December 16, 2013
LONDON, December 16, 2013 /PRNewswire/ --
PA Group, the parent company of the Press Association (PA), has signed an
agreement to sell its weather business MeteoGroup to global growth investment
firm General Atlantic.
MeteoGroup, Europe's largest private sector weather business, provides weather
services for corporate, industrial, media and consumer markets including key
sectors such as transport, marine and energy.
Since PA's acquisition of MeteoGroup in 2005, the business has enjoyed
consistent double digit growth in both revenue and profit and has more than
doubled in size, employing almost 400 people in 14 countries.
Clive Marshall, PA Group's Chief Executive, said: "The sale of MeteoGroup will
provide the capital to enable us to continue to invest in and diversify the
Press Association business, as well as address our pension fund deficit.
"This sale, which follows the divestment of our interest in Canada Newswire in
2012, is part of the company's strategy to focus our activities on the Press
Association news and information business; develop new products and services
for both media and non-media customers; and seek strategic acquisitions that
help diversify the revenue and profits of the company.
"Our recent investments in Globelynx and Sticky Content - companies that
provide services to both the media and corporate markets - are key elements in
our diversification strategy.
"Under the ownership of General Atlantic, MeteoGroup will have access to the
skills, expertise and capital that will enable them to become a truly global
force in the provision of weather services."
John Bernstein, Managing Director at General Atlantic, said: "MeteoGroup is
another example of a fast growth European business with global reach, creating
innovative new products and services in the weather data and forecasting
"MeteoGroup combines world-leading forecasting technology and products with a
highly talented international management team. We are impressed with the
achievements of the business and are excited to contribute our strategic
support and long-term partnership approach to further MeteoGroup's development
and global expansion."
The transaction is subject to regulatory approval.
PA Group was advised on the deal by Portico Capital Securities Limited and
Taylor Wessing LLP.
PA Group Limited
Headquartered in London, PA Group is a news, information and communications
business which includes the Press Association - the national news agency of
the UK and Ireland.
PA Group has 27 shareholders, most of whom are UK national and regional
newspaper publishers. The biggest shareholders are dmg media Limited, News UK
plc, Trinity Mirror plc and United Business Media plc.
MeteoGroup is Europe's largest private sector weather business. MeteoGroup has
a worldwide customer base and operations across Europe, in Southeast Asia and
MeteoGroup is a full-service weather business supplying tailored products to
corporate, industrial, media and consumer markets. Founded in 1986, the
company has an unrivalled reputation for quality and innovation in weather
forecasting. Expert meteorologists provide forecasts, support, monitoring and
consultancy services 24 hours a day, 365 days a year. In addition, a dedicated
weather modelling team continuously develop MeteoGroup's in-house systems and
Offices are located in Belgium, France, Germany, Ireland, Italy, the
Netherlands, the Philippines, Poland, Singapore, Spain, Sweden, Switzerland
the UK and the USA.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and
strategic support for growth companies. GA combines a collaborative global
approach, sector specific expertise, long-term investment horizon and a deep
understanding of growth drivers to partner with great management and build
exceptional businesses worldwide.
Established in 1980, GA manages $18 billion in capital under management
(comprised of total committed capital and portfolio investments) and has more
than 80 investment professionals based in Greenwich, New York, Palo Alto, São
Paulo, Amsterdam, London, Munich, Beijing, Hong Kong, Mumbai and Singapore.
For further information and a listing of GA's public and private portfolio
companies see http://www.generalatlantic.com .
Contact: Sean Ottley, Communications Manager email@example.com
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