The Mission Group acquires RLA
The Mission Marketing Group, the AIM listed marketing communications and advertising group, announced today that it has acquired RLA Group the marketing and communications agency, with offices in Bournemouth, Belfast and Edinburgh in a deal worth up to £20m.
The Mission, which acquired Edinburgh-based Story earlier this year, has acquired RLA for an initial consideration of £9.5m consisting of initial cash/loan notes consideration of £7.7m and a further £1.8m satisfied by the issue of new ordinary shares in The Mission.
A deferred initial consideration of up to £2m is payable based on achieving performance targets to 31 December 2007, £1.2m cash and £0.8m in shares.
A further potential payment of up to a maximum of £9.5m is due in March 2011, subject to RLA meeting challenging performance criteria based on its pre-tax profit performance over the approximately three year period from completion of the acquisition to 31 December 2010.
RLA was founded in 1984 and currently employs some 60 staff who will all join The Mission.
RLA is now a full service marketing and communications group and works with a number of high-profile clients, including Direct Wines, Goodyear Dunlop, Kingfisher plc, Mace, Teleflorist and a number of companies in the
Volkswagen Group.