Wednesday, 11 November 2015
Revealed: Argus Media Group appoints bankers to carry out sale of up to £1 billion - part 2
It's always great when a scoop is formally confirmed by the company involved. Here is a statement that has just been released by Argus Media Group following my piece from earlier today:
Argus Media statement
11 November 2015
Argus Media today confirmed that it has appointed financial advisers to review strategic options for the next phase of its development as a leading provider of pricing information to global commodity markets.
The London-based company employs some 750 people in more than 20 locations around the world, half of which are specialist reporters, who supply critical price data to thousands of customers trading in commodities such as energy, metals, petrochemicals and fertilizers.
Argus has grown its business at an average yearly rate of 24 per cent over the last five years and now has annual revenues to June 2015 of £124.4 million ($187.7 million) and profit before tax for the last financial year of £32.5 million ($49.1million).
“We think the scale of our operations is at a point where we need to transition from a privately-owned family business to a corporate structure that better matches what I see as our very significant long-term potential,” said Argus Executive Chairman and Publisher, Adrian Binks.
Argus Chief Executive Neil Bradford said the company had engaged Bank of America Merrill Lynch (BAML) to examine a number of approaches recently received from prospective investors, including trade buyers and private equity funds, and to test the market for other possible partners.
“Our aim is to allow those of our current shareholders who wish to exit to do so at a full and fair price,” said Binks. “We have a highly-regarded brand, powerful performance, strong management, first-class staff and growth prospects well demonstrated by our track record. I believe that’s a package that will appeal to many investors.”
Bradford said BAML would be examining existing approaches and seeking interest from the wider investment community over the coming months, before reporting to the Argus board early next year.