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Category Archives: M&A

Clare Capital advises Heyday on majority sale to WPP/JWT

Clare Capital was the financial adviser to Heyday on their majority sale to WPP / JWT a global advertising and branding company based in the UK.

Heyday (formerly Doubleclique) is a Wellington-based digital design agency.  Heyday’s full range of digital design services includes:

  • Insight – marketing and audience research, digital strategy, proposition design, content strategy and technical architecture.
  • Ideas – conceptual & prototyping, digital content and communications, social media marketing.
  • Design – visual design, UX and interaction design, rich media.
  • Delivery – website development, web application development, search engine optimisation, search engine marketing, mobile application development, project management, copywriting, digital video production.
  • Improvement – analytics and measurement, support, training, performance optimisation.

The Founder’s Guide To Selling Your Company

Through our M&A experience and capital raising, we think this article hits the nail on the head in terms of how Founders should be thinking about selling their business. Moreover, it does not necessarily relate to just start-up tech companies, but provides an overview of the process for entrepreneurs if you are thinking about selling your company. It is definitely worth a read.

Clare Capital advises Environmental Offshore Services on their sale to SLR Consulting

Clare Capital was the financial adviser to Environmental Offshore Services on the sale of the business to SLR Consulting.

Environmental Offshore Services (EOS) was a Nelson-based company specialising in offshore oil and gas environmental regulatory regime consultancy. EOS was owned by founder Dan Govier. Services include:

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Directories & Private Equity

Print-form directories have historically been a key cornerstone part of telecommunication businesses worldwide. This is changing, and what is occurring is a perfect example of Disruptive Innovation usurping a Sustaining Business Model.

History will show that the sale of Yellow Pages to a US-based private equity firm for NZD $2.24 billion was timed to near to perfection. At the time of sale in 2007, print directories were still a cornerstone aspect of telecommunication businesses. The Yellow Pages in particular had experienced constant revenue growth prior to the sale. And it’s also not hard to understand this, most people remember getting their White and Yellow pages in the late 1990s and early 2000s – and actually using them. Supplementing this, it was before the Global Financial Crisis, a period of cheap capital, in particular for private equity firms.

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Yellow Pages vs Trade Me

Following the 70% sale of the Sensis directories business from Telstra (Australia) to a US based private equity firm, Platinum Equity for A$454 million – blog post to come later – we thought we would illustrate the significant differences between NZ’s largest directories business vs NZ’s largest online auction/e-commerce website.

The following two graphs highlights the compelling difference comparing Yellow Pages (a largely print-based business) to Trade Me (a 100% online business). The results below show the impact technology has had on each company over the course of the last seven years:

Yellow Pages vs Trade Me - Revenue

Yellow Pages vs Trade Me - EBITDA

Note: the two data points (we are only showing the 2007 and 2013 numbers) for both Yellow Pages and Trade Me are from the financial years 2007 and 2013.

Clare Capital advises NZX on the sale of NewsRoom to Sublime Group

Clare Capital was the financial adviser to NZX Limited on the sale of their online news business, NewsRoom to Sublime Group Limited after NZX conducted a strategic review of options for the business.

NewsRoom is a subscription-based online news service which sends unfiltered press releases, announcements and opinion material to paying subscribers. NewsRoom was established in 1996 and was acquired by NZX in 2007. It’s news feeds serve New Zealand’s top legal and accounting firms, large corporations, government departments, and parliamentary offices.

NewsRoom draws their material from three different sources; free content supplied by organisations and individuals, purchasing content from specialist providers and a designated in-house NewsRoom team creating content on key political stories. Subscribers receive their information via NewsMail (email), intranet feeds and website feeds.

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