Acquisition of The Corkery Group (0163T)
30 11월 2011 - 4:01PM
UK Regulatory
TIDMCRE
RNS Number : 0163T
Creston PLC
30 November 2011
30 November 2011
Creston plc
('Creston' or the 'Group')
Acquisition of The Corkery Group
Cooney Waters LLC ('Cooney/Waters'), a subsidiary of Creston plc
('Creston' or the 'Group'), the Insight and Communications Group,
today announces the acquisition of 100 per cent of the share
capital of The Corkery Group, a New York based full service health
and medical public relations company specialising in product and
issues communications for the world's leading health organisations.
Total initial cash payments amounting to US$6.0 million (GBP3.8
million) will be payable.
As well as being immediately earnings enhancing, the acquisition
of The Corkery Group strengthens the Health division and
complements Cooney/Waters, the US healthcare communications
specialist that was acquired by Creston last year. Following
today's announcement, The Corkery Group will operate as a 100 per
cent subsidiary and trading division of the Cooney/Waters
Group.
Under the terms of the Cooney/Waters acquisition, Creston agreed
a deferred consideration based on the future profit before interest
and tax of the acquired businesses (the 'C/W Deferred
Consideration'), of which Lenore Cooney was the sole beneficiary.
As The Corkery Group will become a 100 per cent subsidiary of
Cooney/Waters and be fully integrated with immediate effect, Lenore
Cooney has agreed that David Corkery, The Corkery Group's founder,
will become a named recipient of 47 per cent of any future payments
made under the C/W Deferred Consideration. There are no changes to
the maximum value of potential payments made under the C/W Deferred
Consideration, which is capped at US$21 million.
Founded in 1998, The Corkery Group employs 25 staff and is
focused on long-term relationships with a diverse mix of clients
including: International agencies, US government agencies,
pharmaceutical and bio-technology companies and non-profit
organisations. The Corkery Group's healthcare industry expertise
spans scientific, policy and product communications, media
relations, digital media, executive support and crisis management.
Current clients include: American Society of Clinical Oncology,
Gilead Sciences and the U.S. Centers for Disease Control and
Prevention.
Following the acquisition, The Corkery Group will continue to
benefit from the experience and expertise of David Corkery, who
will continue as a Senior Advisor. Additionally, senior members of
The Corkery Group's existing management team, Karen O'Malley
(President of The Corkery Group) and Greg Lugliani (Executive Vice
President), will join the Cooney/Waters Group's operating
board.
Through adding new clients and complementary expertise and
talent to the Group, as well sharing best practice and knowhow, we
believe there are many synergy benefits to be leveraged by the
wider Group as a result of this acquisition. Both companies will be
re-located to one central location in 2012.
For the financial year ended 31 December 2010, The Corkery Group
reported revenues of US$9.9 million (GBP6.4 million) and a profit
before taxation of US$0.3 million (GBP0.2 million) - pre any
shareholder bonus dividends profit before tax was US$3.5 million
(GBP2.2 million). As at 31 December 2010 The Corkery Group had
reported gross assets of US$2.0 million (GBP1.3 million). For the
nine months ending 30 September 2011, The Corkery Group had
unaudited revenues of US$6.3 million (GBP4.0 million) and pre any
shareholder bonus dividends a profit before interest and tax of
$1.9 million (GBP1.2 million). This is a lower financial
performance than the prior year, due to the company's resignation
of a client in 2010.
Commenting on the acquisition, Don Elgie, Group Chief Executive
of Creston plc, said: "The Corkery Group is an excellent business
with a strong track record of individual account growth and an
attractive client list. The Corkery Group and Cooney/Waters are
well known to one another, their cultures are similar and I am
confident the increased critical mass of the combined business will
benefit both operations going forward."
For further information please contact:
Creston plc + 44 (0)20 7930 9757
Don Elgie, Group Chief Executive
Barrie Brien, COO/CFO
M:Communications +44 (0)20 7920 2339
Elly Williamson
About Creston plc
Creston plc (LSE: CRE) is a marketing services company focused
on insight-led communications. The Group delivers a range of
marketing services, including digital marketing, market research,
health communications, public relations, direct marketing,
advertising and brand consultancy to a broad spectrum of blue-chip
clients. All our companies share a common commitment to
understanding, influencing and inspiring consumers on behalf of our
clients and to creating value through innovative collaborative
working. www.creston.com
About The Corkery Group
The Corkery Group is a full-service public relations firm
specialising in health and medical communications. Internationally
recognised for its expertise in issue-oriented and product
communications, The Corkery Group works with the world's leading
health organisations. www.corkerygroup.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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