For Immediate Release 2 September 2008
Essentially Group Limited
("Essentially" or the "Company")
ACQUISITION OF SPORTS BUSINESS CONSULTANTCY ARUNDEL PROMOTIONS LIMTED
Essentially Group Limited ("Essentially" or the "Group"), the AIM
listed full service sports marketing, media, management and
professional services Group, today announces that it has acquired
Arundel Promotions Limited ("Arundel"), one of the leading cricket
and football sports' personality and event management businesses in
the UK.
About Arundel
Established in 2004 by Alec Stewart OBE, England's most capped
cricketer, and Alan Smith, a highly respected former football manager
and coach, Arundel provides management services to leading sports
personalities, predominantly in the sports of cricket and football.
Cricket clients of Arundel include Paul Collingwood MBE (England and
Durham), Ian Bell (MBE England and Warwickshire), Ashley Giles (MBE
England and Warwickshire), Matt Prior (England and Sussex), and
Sajjid Mahmood (England and Surrey). Football clients of Arundel
include Gareth Southgate (ex-England and now manager of
Middlesborough FC), Chris Coleman (ex-Wales, ex-Fulham FC and now
Coventry City FC manager) and John Salako (ex-England and Charlton
FC).
Reason and Consideration for the Acquisition
Arundel is one of the leading sports consultancies in cricket and
football and compliments Essentially's existing high profile cricket
management business, which includes clients such as Graham Smith,
Mark Boucher and Jacques Kallis (all South Africa), Ricky Ponting
(Australia), Justin Langer (Australia), Chaminda Vaas (West Indies),
Dimitri Mascarenhas (England), Liam Plunkett (England) and Daniel
Vittori (New Zealand). Alec Stewart's stature in cricket and the
quality of Arundel's client list will combine with Essentially's
global network and client services to increase Essentially's market
leading position in cricket, a sport which has developed rapidly into
a highly commercial international business through successes
including the development of the IPL league in India and the Stanford
Twenty20 competition. In addition, the involvement of Alan Smith
provides Essentially with a platform in association football and
compliments Essentially's growing roster of football clients which
include Rory Delap (Stoke City), Ryan Taylor (Wigan Athletic),
Freddie Sears (West Ham) and Aaron McLean (Peterborough United).
Both Alec Stewart and Alan Smith have signed 3 year agreements with
the Group to manage the successful integration and help grow the
enlarged Essentially business.
The acquisition of Arundel by Essentially is for a total maximum
consideration of £325,000 (inclusive of all earn-out targets to
December 2010). The consideration is to be settled with a minimum of
75% cash and 25% new shares with Essentially having the right to pay
up to 100% in cash. The acquisition will be immediately earnings
enhancing to shareholders of Essentially.
Commenting on the acquisition of Arundel, Bart Campbell, CEO of
Essentially, said:
"We are delighted to welcome Alec Stewart and Alan Smith to
Essentially - we strongly believe that their offering is
complimentary to our existing structure and global reach in
international cricket. This transaction further consolidates our
position as one of the world's leading cricket businesses and we look
forward to maximising the opportunities in what is rapidly becoming a
very high profile sport with the rise of Twenty20 and the increase in
cricket's global appeal to sponsors and broadcasters alike. We remain
on course to build Essentially into a significant marketing and media
company in our core areas of undoubted sports business expertise."
Alec Stewart, Director of Arundel, commented:
"Essentially's position and strength in the commercial and management
world makes a perfect partner for Arundel Promotions. With the ever
increasing interest of Twenty20 cricket and the Ashes contest series
in 2009, the opportunities for the business, and most importantly for
our present and new clients, are very exciting."
For further information please visit http://www.essentiallygroup.com
or contact:
Essentially Group Limited
Bart Campbell, Group CEO
Alec Stewart, Director
Tel: +44 (0)20 7820 7000
Buchanan Communications
Bobby Morse
Christian Goodbody
Tel: +44 (0)20 7466 5000
Cenkos Securities
Beth McKiernan
Tel: +44 (0)20 7397 8927
Notes t
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