Callaway Golf Reports Mixed Q2 Results CDI Reports Record Quarterly Revenue Providence Equity, WPP Eye $547M Chime Takeover DraftKings Closes On $300M Series D Round DraftKings To Close VC Funding In Coming Weeks FanDuel Closes On New VC Financing Cuban Among Group Raising Funds For Unikrn Nike Sees Sales Rise 4.8% In Q4 Sources: MLBAM Eyes IPO For Non-Baseball Division VenueNext Gets $9M In New Financing
SBD/October 25, 2013/Finance
London-Based Chime Communications Acquires Just Marketing Int'l For $76M
Published October 25, 2013
BUILDING OFF SYNERGY: Brown said the synergies between CSM's existing agencies and JMI will help both companies increase their revenues. Brown: "It allows us to expose our clients to other sports in the family. It allows us exposure to their clients to pull into motorsports. ... They want a stronger presence in America, which is half of our business. They wanted a larger presence in motorsports, and they didn't have any before this." He added, "We've been looking at other sports for a long time, and now we're plugged into this larger group." Spire Capital, which owns the PBR, acquired a majority stake in JMI in '08. The private equity group hired Rothschild Group earlier this year to help it sell the agency. Sources familiar with Rothschild's sales book said JMI last year claimed EBITDA of $8M. The company's sales price of $76M is slightly less than a multiple of 10 times EBITDA. Bruce Hernandez, a partner at Spire and the chair of JMI's board, said, "We found a good home for the business, for the employees and Zak, and a fair transaction for the equity holders. It's not a metal-stamping business you could sell to anyone. We feel strongly there's a good cultural fit here, a good strategic fit, and a good business fit."