Centaur Media Plc (“Centaur” or the “Group”), an international provider of business information and specialist consultancy, today announces that it has entered into a conditional agreement to sell its engineering portfolio, including The Engineer and Subcon, to Mark Allen Group.
This transaction follows the recent disposals of Centaur’s financial services business, its travel and meetings exhibitions and its HR business. The sale of Centaur’s engineering businesses will take aggregate proceeds to £21.75m in cash.
The engineering portfolio includes the market’s leading website, magazine and events, and has deep industry relationships and a diversified client base. The Engineer is one of the UK’s longest-running business publications and is supplemented by Subcon, which is the must-attend event for subcontract manufacturing professionals.
Centaur has been exploring the divestment of its smaller businesses following the conclusion of a strategic review last October and its decision to improve operational execution by focussing on its leading brands. Mark Allen Group will pay a cash consideration of £2.5m (subject to customary post-completion adjustments). The transaction is expected to complete on 31 May.
Negotiations for the sale of The Lawyer are continuing and the Group will provide an update in due course. As previously disclosed, Centaur will consider the best use for the sale proceeds once the divestment process is complete.
Andria Vidler, Chief Executive of Centaur, said:
“This is the fourth disposal following Centaur’s divestment review. Throughout the process we have been pleased with the interest our businesses have received, and we are delighted that our engineering portfolio is joining Mark Allen Group who recognise its value and are well positioned to take it forward.
“I would like to say a huge thank you to the teams across the portfolio. The continued success of the brands and contribution to Centaur over the years is a testament to their hard work and ongoing commitment.”
Ben Allen, Chief Executive of Mark Allen Group, added:
“The acquisition of these premium brands is part of our strategy to target well-established products in markets where we believe there are exciting growth opportunities. These assets will further strengthen our existing manufacturing and engineering publishing and event portfolio, which includes titles such as New Electronics and Eureka, as well as the Engineering Design Show.”
Cavendish Corporate Finance is acting as financial adviser to Centaur in relation to the sale of the professional services businesses.