25 May 2012

Porta buys Hansard

17/01/2012 Miles Nolan

Fast growing Porta Communications (PTCM) has acquired financial PR agency Hansard, in a move which makes it the number one adviser on AIM.

Last year Porta acquired Threadneedle Communications for up to £3.8 million, and so far the business is performing in line with expectations. Hansard was founded by entrepreneur Adam Reynolds in 2000 and has advised on many IPO's, M&A deals as well as providing more general PR services.

Porta is paying up to £635,594 to the vendors and will transfer two staff members to Threadneedle. With annual revenues in the region of £400,000, it provides a useful boost to Threadneedle, and brings a combined operaton which acts for over 80 AIM and main market companies.

Speaking to Growth Company Investor, chief executive of Porta, David Wright said 'this is a good deal for both parties, and is part of our ongoing acquisition and expansion strategy.' Porta already has a public affairs office in Brussels but is keen to branch out to build a 'global business'. Many acquisition opportunities are under consideration, particulary in the advertising space.

Porta will pay £148,094 in cash and 3.25 million Porta shares at 10p (compared to a market price of 7.375p today), the additional consideration will be payable with a further 1.625 million shares if certain revenue targets are hit. The deal will bring a broader knowledge base to Hansard, in addition to bespoke media training and a private client broking offering.

Tags: Acquisition, AIM market, Good fit, Hansard Communications, Threadneedle Communications

Sector: Media

Companies: Porta Communications

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