Primal Pictures Limited / Informa plc
Cavendish is delighted to have advised on the sale of Primal Pictures Ltd, an award-winning digital e-learning company, to Informa UK, a subsidiary of the international publishing, information and events business Informa plc.
Primal Pictures was established in 1991 with the goal of creating the only complete and medically accurate 3D model of the human anatomy. Today their 3D anatomy software is used widely by the healthcare sector and is currently used for student education and by practitioners in over 40 countries. Primal recently launched an online Anatomy & Physiology learning resource which is revolutionizing medical education methodology. In the past 12 months, Primal Pictures has won the British Medical Association’s annual prize for the best digital resource, and the Queen’s Award for Enterprise: Innovation 2012, the highest official award that a British business can achieve.
Informa UK is part of the Informa Group, a Switzerland headquartered business which is listed on the London Stock Exchange. Informa provides academics, businesses and individuals with unparalleled knowledge, up-to-the minute information and highly specialist skills and services. It employs 8,000 people in some 150 offices in over 40 countries. Its business includes Datamonitor, Lloyds List, Euroforum and Taylor and Francis brands.
Peter Gray, partner at Cavendish commented “We are pleased to have produced an outstanding result for the Primal shareholders. Primal Pictures is a first class business and with digital education generating significant M&A interest we were able to achieve very attractive multiples for the company – 2.9x sales and 16.1x EBIT.
We made absolutely the right choice in appointing Cavendish. Michael Jewell and the team were instrumental in getting us the deal we wanted. I would have no hesitation in recommending them to anyone thinking about a sales process.
Cavendish introduced us to GE and managed the negotiation and coordinated the transaction due diligence. Their involvement was instrumental to the deal being successful.
When looking for an advisor we decided we wanted someone who had specific experience in negotiating within the Private Equity space. It requires some additional skills to those needed in a trade sale and we were lucky to have found in Cavendish, a company that was able to help us.
This marks a significant opportunity for our partners, customers and people as we become part of the global Kyocera family and continue the journey we started back in 1988. When looking for an advisor we wanted someone with an international network and experience of working with buyers both here and overseas. Cavendish had the expertise to facilitate the transaction and the support they provided was invaluable.
The Cavendish team, led by Nick Jones, did an excellent job managing the process and ensuring the smooth closing of the transaction in a timely manner. They were always professional and aligned with our shareholder goals – many thanks to the whole team.
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