WPP snaps up London-based monitoring business Precise Media Group
WPP’s breakneck expansion continues apace with the advertising giants Kantar data division acquiring Precise Media Group, the media monitoring business, from Phoenix Private Equity in a deal which values the London based business at approximately £70m.
Phoenix bought the business for £42m back in 2006 from fellow private equity group 3i, an astute purchase which has netted the firm a healthy profit at around eight times 2014 forward earnings.
Precise Media has grown from its launch in 1996 to serve 10,000 print and media online sources worldwide with earnings soaring by more than 70 per cent under Phoenix’s wing from £17m to £28.9m by last September.
The deal is likely to narrow the options available to PR and Media base Gorkana which has been put up for sale by its private equity backers, Exponent, for somewhere in the region of £200m – despite Gorkana posting earnings of between £15-16m.
In yet another acquisition WPP owned marketing communications agency JWT has bought a majority stake in South African creative agency The Hardy Boys.