CentralNic Group plc (LON:CNIC), the global internet platform company that derives recurring revenues selling online presence and marketing services, has announced that, further to the announcements made on the 28 February, it has now completed the acquisition of VGL Verlagsgesellschaft mbH, Berlin, Germany and its subsidiaries from its former shareholders.
VGL has been acquired for an enterprise value of EUR 60 million, with an initial consideration of EUR 67 million (approx. US$75 million) inclusive of customary adjustments for cash and working capital. The Acquisition is expected to be double digit earnings enhancing for the financial year ending 31 December 2022, prior to any synergies being realised.
The Acquisition has been financed by an oversubscribed placing to institutional investors, raising gross proceeds of £42 million, at a fixed price of 120 pence per share. The Placing has been complemented by an issue of additional senior secured callable bonds for a nominal value of EUR 21 million under its existing senior secured bond, listed on Oslo Børs, at a price of 100.8% of par value. The Bond Issue was subscribed for by Macquarie Principal Finance Pty Ltd, UK Branch, on the same terms and conditions as CentralNic’s existing bond issue.
FT 1000: Europe’s Fastest Growing Companies
In its 2022 edition, Financial Times has listed CentralNic among the top-250 fastest-growing companies and among the top-50 fastest-growing Technology companies in Europe. CentralNic has enjoyed a compound growth rate of 73% over the past 7 years, since its AIM IPO , taking it from $4m in revenues to over $400m. In 2021, CentralNic’s organic growth was 39%, contributing to an overall 71% revenue growth.
Ben Crawford, CEO of CentralNic, said:
“We are delighted to see that CentralNic Group has been recognised as one of Europe’s fastest-growing companies. Joining forces with VGL, a major milestone on the road to becoming a world-leading online services marketplace, will allow us to continue to deliver our outstanding growth performance in 2022 and beyond.”
