Mon, 09 Dec 2024 | BUSINESS SALE
Global sports marketing company Engage Digital has been bought by Brave Bison, an Aim listed digital advertising and technology services company for up to £10.6 million.
Engage works with the world’s largest sports brands and federations including Formula 1, Real Madrid football club and New Zealand Rugby.
The cash and shares deal will result in Engage combining with Brave Bison's existing network of channels, which already benefits from partners such as PGA Tour, Ryder Cup, US Open, Australian Open, CPLT20 and Le Mans.
The combination will create an enlarged sports & entertainment division for Brave Bison partnering with channels across football, cricket, motorsports, tennis, golf, e-sports and rugby, and totalling £16 million in turnover.
The aggregate consideration for the deal totals up to £10.6 million, comprising an initial enterprise value of £2.1 million, equity consideration of £2.0 million and contingent consideration of up to £6.5 million over three years subject to performance conditions.
Engage was established by Gregg Oldfield following a management buyout from Endemol Sport in 2012. The business has a total headcount of 130 and offices in London, Dubai, India and Australia, which means it can benefit from a 24-hour "follow the sun" structure.
Engage uses a combination of proprietary technology, digital strategy and content creation to help sports federations and rights holders drive better engagement from their fans and take a more personalised approach to building audiences, driving ticket sales and striking more lucrative commercial partnerships.
In the 12 months ending 31 December 2024, Engage is expected to generate £6.9 million of turnover and an adjusted EBITDA loss of £0.3 million.
The deal is expected to complete in early January 2025.
Oliver Green, Executive Chairman of Brave Bison, said: "Engage boast an enviable client roster 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.”
This marks the sixth acquisition since Green, executive chairman, and brother Theo Green, chief growth officer, took charge in 2020 and will expand the company, valued at £28 million, to a group employing 350 staff in London, Manchester, Australia, India and Singapore.
Brave Bison is backed by former Conservative Party treasurer Lord Ashcroft.
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