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| Motivcom group acquires Zibrant |
| Latest acquisition makes Motivcom the largest event management, venue finding and incentive travel business in the sector. Motivcom, a leading marketing services group which already owns P&MM, AYMTM and Summersault, has agreed to acquire Zibrant, the event, venue and incentive group whose trading names include IBR, Illico, McGarvey Russell, MRM and Rand for an initial consideration of £15 million subject to shareholder approval. £11.25m will be paid in cash with the existing shareholders and management receiving £3.75m in Motivcom shares. Zibrant, which specialises in venue finding, event management, event production, incentive and performance improvement and video is to remain as an independent company within the Motivcom group. The management structure of Zibrant is to remain unchanged with Chris Madge, Fay Sharpe and Chris Parnham remaining as the management team at Zibrant. Zibrant reported a profit before tax of £1.5m in 2006 and employs 200 people at its three offices in Derby, Godalming and Canterbury. Motivcom divisional managing director, Nigel Cooper, will become chairman of Zibrant following the completion of the acquisition and Zibrant managing director, Chris Madge, will join the Motivcom plc board. Nigel Cooper, executive director of Motivcom commented: "The acquisition of Zibrant has strengthened Motivcom's position as the leader in the industry. With Zibrant joining Motivcom we will become the largest event, venue finding and incentive travel business in the sector. This is the most significant deal in the industry's history and a major step forward as we continue to build Motivcom both organically and by acquisition." Chris Madge, Zibrant's group managing director commented: "We have two successful businesses here with a similar strategy so it makes sense to work together. With Motivcom's access to the capital markets this was the natural route to go. This is an exciting move for all of us within Zibrant as becoming part of the Motivcom group will help in the growth and development of our business, and most importantly, it will give our clients the confidence that they're dealing with the largest and most innovative company in the industry." To find out more about Motivcom, visit www.motivcom.com |