16th of December 2011 Author: Johnny Karp
WatchandTrade Limited and Global Sports Media B.V. acquired
An announcement came this week from digital sports content provider PERFORM of two new, separate acquisition deals closed for WatchandTrade Limited and Global Sports Media B.V..
Namely, the remaining 40 percent of the live sports video content provider WatchandTrade have been acquired by PERFORM for a GBP 550 000 initial cash consideration with a maximum cash consideration of GBP 5.85 million based on full year EBITDA results of the business ending December 31, 2011, 2012 and 2013.
In a comment on the deal, WatchandTrade's managing director Michael Cobain, who will remain in the position, said: "This has been a fantastic journey of rapid growth in testing financial times, which has been made possible through determination, having the right product and the backing of an ambitious and supportive company in Perform. We have some exciting new developments in the pipeline and the acquisition by Perform will really help us continue this growth and increase our foothold in the market."
In terms of the second acquisition, that of Dutch company Global Sport Media B.V. (GSM), PERFORM took over full ownership from the original, founder shareholders A.P Robijn Holding B.V., Riku Soininen and Petri Laine for the remaining 49 percent shares. In the transaction, it will pay a cash consideration of Euro 4.3 million.
According to Arjen Robijn who will keep his role as chief executive officer after the completion of the acquisition, "This is a great development for GSM. In the three years since Perform acquired a stake in our business, we have increased revenues by 350 percent and EBITDA by 1200 percent and we are delighted to now become 100 percent owned by Perform to continue this exciting growth story."
On the other side, Oliver Slipper, joint CEO of Perform stated: "We are delighted to have completed the acquisition of GSM and look forward to continuing its growth in the sports data and sports website fields."
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