THE
INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE
REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
25th October
2024
Wilmington
plc
Acquisition of Phoenix Health
& Safety
Wilmington plc (LSE: WIL,
"Wilmington" or the "Group"), the provider of data, information,
education and training services in the global Governance, Risk and
Compliance ("GRC") markets, has acquired Phoenix HSC (UK) Limited
("Phoenix Health & Safety") for an initial cash consideration
of £30.25 million.
Phoenix Health & Safety offers
training for a range of internationally recognised and regulated
health, safety and environmental ("HSE") qualifications. The
acquisition strengthens Wilmington's capabilities in the provision
of must-have training and education to regulated customers and
expands the Group's position in the growing HSE training market,
alongside Astutis, which was acquired in November 2023.
Wilmington will pay an initial cash
consideration of £30.25 million, with additional contingent
consideration payable based on Phoenix Health & Safety's
financial performance in each of the three years ending 31 March
2028. The total consideration will be financed from the Group's
existing cash resources. The initial consideration represents a
valuation in line with Wilmington's current trading multiple. The
acquisition is expected to be earnings accretive in the first full
year of ownership.
The acquisition is consistent with
Wilmington's strategic aim to build on its already strong presence
in large and growing GRC markets. These markets are underpinned by
strong macro drivers, particularly the increasing volume and
enforcement of regulation, the increased importance of ESG and
widespread adoption of technological and data-driven compliance
solutions.
Wilmington focuses on assets which
operate in attractive market segments and which have strong
leadership and sustainable competitive advantages. Phoenix Health
& Safety has demonstrated a strong track record of organic
growth over a number of years.
Mark
Milner, Chief Executive Officer of
Wilmington, said:
"This acquisition strengthens our
offering to customers in the health, safety and environmental
markets and will be earnings enhancing from day one.
"Phoenix Health & Safety is an excellent addition to our group, with
a strong fit with our core strategic focus on GRC, a differentiated
competitive position which is built on superior outcomes for
customers, a strong management team, and an attractive financial
profile.
"Phoenix Health & Safety has
excellent capabilities in digital learning and we are excited by
the opportunity to partner with Nick and his team to support the
next phase of the company's growth."
Background to Phoenix Health & Safety
Phoenix Health & Safety was
established in 2005 by Nick Higginson and has grown to become a
leading provider of workforce health and safety training in the
United Kingdom.
Phoenix Health & Safety delivers
training to global blue-chip clients and industry professionals for
a wide range of internationally recognised health, safety and
environmental qualifications. Phoenix Health & Safety works
with a number of leading accreditation partners including NEBOSH
(National Examination Board in Occupational Safety and Health) and
IOSH (Institution of Occupational Safety and Health).
Phoenix Health & Safety has a
strong capability in the provision of mission critical HSE training
and offers over 50 different training courses with a comprehensive
range of delivery options, including in-person and virtual
classroom-based training, and a growing capability in
e-learning.
Headquartered in Cannock, England,
Phoenix Health & Safety has over 50 employees.
The person responsible for the
release of this announcement on behalf of Wilmington is Guy
Milward, the Chief Financial Officer of Wilmington.
For further information, please
contact:
Wilmington plc
020 7490 0049
Mark Milner, Chief Executive
Officer
Guy Millward, Chief Financial Officer
Meare Consulting
07990 858548
Adrian Duffield
Notes to Editors
Wilmington plc is the recognised
knowledge leader and partner of choice for data, information,
education and training in the global Governance, Risk and
Compliance (GRC) markets. Wilmington employs over 650 people and
sells to around 120 countries. Wilmington is listed on the main
market of the London Stock Exchange.