Brave Bison Group plc has acquired sports marketing business Engage in a deal worth up to £10.6 million.
Engage works with some of the world’s largest sports brands and federations including Formula 1, the International Cricket Council, Real Madrid and New Zealand Rugby.
Established by Gregg Oldfield following a management buyout from Endemol Sport in 2012, the business has a total headcount of 130 and has offices in London, Dubai, India and Australia.
The deal comprises an enterprise value of £2.1m, equity consideration of £2m and contingent consideration of up to £6.5m over three years subject to performance conditions.
It will see Engage combine with Brave Bison’s existing media network to create an enlarged sports & entertainment division with £16m turnover. Brave Bison is a digital advertising and technology services company which works with partners including the PGA Tour, Ryder Cup, US Open, Australian Open and Le Mans.
Oliver Green, executive chairman of Brave Bison, commented: “Engage boasts an enviable client roster including Formula 1, ICC and Real Madrid, and deep expertise in sports media and digital content strategy.
“This combination comes at a time when rights holders and sports federations are looking to maximise their IP, boost fan engagement and really drive commercial performance using a more data-driven approach.”
In the 12 months ending 31st December 2024, Engage is expected to generate £6.9m of turnover and an adjusted EBITDA loss of £300,000. Following a restructuring and integration programme, Brave Bison said it expects Engage to be earnings accretive over the medium term.
The acquisition, which is expected to complete in early January 2025, will be funded by Brave Bison’s cash resources.
Meanwhile Brave Bison’s board said trading in the second half of 2024 has been in-line with expectations and anticipates that it will meet current market forecasts for FY24 of approximately £3.6m of adjusted EBIT.
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