LONDON, July 21 /PRNewswire-FirstCall/ -- United Business Media today
announced the acquisition of Aprovia UK - owner of UK construction publisher
and event organiser, "The Builder Group", and of "Barbour Index", the
information services provider to professionals in the UK construction and
health and safety sectors. UBM is acquiring Aprovia UK for 79m pounds
sterling in cash, equivalent to nine times Aprovia's 2002 EBITDA including the
benefit of cost synergies. Aprovia will be integrated into CMPi, the UK
professional media division of United.
Clive Hollick, Chief Executive of United Business Media, said:
"This acquisition is financially and strategically attractive. We expect
that it will be earnings enhancing in 2003 and quickly surpass United's hurdle
rate of return on capital. It will strengthen CMPi's leadership position in
the UK construction and design market. Following up on the recent acquisition
of Property Media and The Interior Design Handbook this move is further
evidence of our ambition to build our professional media business in the UK.
In 2004 these three acquisitions, with a total consideration of 83.25m pounds,
are expected to contribute operating profits of some 9m pounds. "
Bernard Gray, Chief Executive of CMP Information, said:
"The acquisition of Aprovia UK is an excellent fit with CMPi and takes it
straight into a leading position in the media market for the construction
industry. Aprovia will increase CMPi's share of this market - estimated at
140m pounds annually - to over 30%. Following this move CMP Information will
cover the information needs of UK construction professionals across the full
industry life cycle, from development and design initiation, via facilities
management and occupation and through to property sales. This pre-eminence in
construction will also drive synergies with CMP Information's existing market
leading presence in the architecture and built environment sectors."
This acquisition brings together a powerful group of leading brands
providing in-depth industry content. To CMPi's existing "Building Design" and
"Property Week" are now added The Builder Group's "Building" and "Construction
Manager" and Barbour Index's "Building Product Compendium."
As at 31 December 2002 Aprovia had net tangible assets of 12.8m pounds.
For the year ended December 2002 Aprovia UK had revenues of 31.7m pounds and
an EBITDA of 6.0m pounds. CMP Information expects to deliver 3m pounds of
cost synergies following the integration of Aprovia into CMPi. The reduction
in costs will be secured as a result of the integration of support functions,
supplier economies of scale and other operating efficiencies.
For further information please contact:
For United Business Media enquiries:
Michael Waring United Business Media +44 (0)20 7921 5031
Colin Browne The Maitland Consultancy +44 (0)20 7379 5151
Nick Molden United Business Media +44 (0)20 7921 5097
For CMPi enquiries:
Nigel Main CMP Information +44 (0)20 7921 8388
Notes:
CMP Information is the UK headquartered professional media division of
United Business Media plc.
Operating in the UK, US, Asia and Europe, CMPi delivers integrated media
solutions to specialist B2B vertical market sectors. Its products including
magazines, exhibitions, conferences, awards, directories and websites are
targeted at business professionals across a focused range of markets; these
include Healthcare, Property, Entertainment, Travel, Agriculture, IT & Games
and Print.
Amongst its well-established brands are industry leading publications
including Pulse, Travel Trade Gazette, Building Design, Property Week, Music
Week, and Chemist & Druggist. It also has a number of exhibitions recognised
as the pre-eminent events in their respective market sectors. These include
CPhI, FIE, The Furniture Show, ATC, Confex and IFSEC.
CMPi produces around 50 publications, 20 Directory products and Buyers
Guides and 35 exhibitions. In 2002, its revenues totalled 113.4m pounds and
its profits were 12.7m pounds; it employs over 700 people based in the UK, US
and Holland.
Aprovia UK is the holding company for the UK B2B operations of Aprovia ,
acquired by a consortium of private equity houses comprising Cinven, The
Carlyle Group and Apax Partners, from Vivendi Universal in June 2002.
United Business Media plc (http://www.unitedbusinessmedia.com) is a
leading provider of business information services to the technology,
healthcare, media, automotive and financial services industries. UBM offers
services in market research, consultancy, news distribution, publishing and
events to customers across the globe. Its brands include NOP World, one of
the largest market research groups globally; PR Newswire, the world's leading
corporate news distribution service and CMP, the B2B media and exhibition
group operating in high-tech, healthcare, property, entertainment jewellery &
fashion in the US, UK, Asia and Europe.
Schedule of Products
The Builder Group
Magazines
Building, Building Profile, Building Product Cards, Security Installer,
SMT, Construction Manager, Building Services Journal, Building Services
Profile, OPUS, Electrical & Mechanical Contractor, Electrical Profile, RIBA
Journal, RIBA Interiors, RIBA Product Cards, RIBA Materials Guide, Housing
Today.
Events
Brick Awards, Building Awards, Building Homes Awards, Building
Conferences, Construction Health & Safety Awards, Specialist Contractor
Awards, World Architecture Awards, Security Awards, Building Services Awards,
Secrets of Success.
Barbour Index
Construction Expert, Specification Expert, Property Facilities Manager,
Construction Health & Safety, Operation & Maintenance, Building Product
Compendium, facilities Management Expert, Facilities Management Compendium,
Building Product Expert, Enquiry Service, Health & Safety Professional, Health
& Safety Consultant.
CMPi
Building Publications & Directories
Building Design, Property Week, Intra, What's New in Building, Glass Age,
Tile UK, Glass Age Directory, Conservatory Design & Build.
Building Events
Facilities Show, FM Expo, BD Events, Property Week Awards, Retail Awards,
Leisure Awards, IAS/OAS Awards, Scottish Property Awards, Irish Property
Awards.
Interiors Publications & Directories
Cabinet Maker, CFR, Directory to the Furniture and Furnishing Industry,
Interior Design Handbook.
Interiors Events
The Furniture Show, Design Interiors, Expotile, KBB, The Lighting Show,
Soft Furnishings Show (to be launched in 2004), BFM London Furniture Show,
Contract Floor Show, National Floor Show, The Facilities Show, FM Expo.
Fire, Safety & Security Publications & related Products
Safety & Health Practitioner, CCTV Today, Fire Safety Engineering,
International Fire & Safety Product News, Fire & Safety Product Finder, Safety
& Health & Work Product & Services Selector.
Fire, Safety & Security Events
IFSEC & Security Solutions, Securex, Safety & Health Expo, Safety Health &
Environment Solutions, ACPO, Firex (North & South), Air Traffic Control
(Maastrict and Asia Pacific).
This press release includes statements which are not historical facts and
are considered "forward-looking" within the meaning of Section 27 of the
Securities Act of 1933, as amended. These forward-looking statements reflect
UBM's current views about future events, business and growth strategy and
financial performance. These forward-looking statements are identified by
their use of terms and phrases such as "believe," "expect," "plan,"
"anticipate," "on target" and similar expressions identifying forward-looking
statements. Investors should not rely on forward-looking statements because
they are subject to a variety of risks, uncertainties and other factors that
could cause actual results to differ materially from UBM's expectations. UBM
expressly does not undertake any duty to update forward-looking statements.
Management does not attempt to update forecasts unless conditions materially
change.
SOURCE United Business Media plc
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Related links:
http://www.unitedbusinessmedia.com
CONTACT:
Michael Waring, +44-20-7921-5031, or Nick
Molden, +44-20-7921-5097, both of United Business Media; or Colin
Browne of The Maitland Consultancy, +44-20-7379-5151, for United
Business Media; or Nigel Main of CMP Information,
+44-20-7921-8388
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