Acquisition

Tribal Group PLC
16 October 2007

16 October 2007
Tribal Group plc


Acquisition of outstanding minority interest in Sportsvine Holdings Limited
 

Tribal Group plc ('Tribal') is pleased to announce that it has today acquired
the 49% minority shareholding in Sportsvine Holdings Limited ('Sportsvine') not
already held by Tribal.

Sportsvine is an educational services supplier that specialises in providing
learning materials, assessment tools and turnkey learning solutions to FE
colleges, training providers and employers. It forms part of the Learning and
Publishing business within Tribal Education. Prior to this transaction, Tribal
owned 51 per cent of Sportsvine, with the balance held by its management, Gerry
Connolly and Tony Outhart, who are both directors of Sportsvine, and have
managed and developed Sportsvine's business since it was founded in January
1997.

Tribal is acquiring all of the minority shares in Sportsvine for a total initial
consideration of £1.5 million, plus a further consideration, to be calculated
and paid in May 2008, which will be dependent on Sportsvine's profit,
performance and cash balances for the 12 months to 31 March 2008. The total of
the initial and further consideration payable is capped at £6.0m. All
consideration will be paid in cash.

As at 31 March 2007, Sportsvine had gross assets of £2.0m, generated revenue of
£2.1m and made an operating profit of £1.1m.

Tribal believes that this transaction will benefit the group by accelerating the
integration and rebranding of Sportsvine within its Education business. It is
expected that the transaction will be modestly earnings enhancing for Tribal in
2007 and 2008.

 
Contact for queries:
 
Tribal Group plc
Peter Martin, Chief Executive                      Tel: [phone]
Simon Lawton, Group Finance Director

 
Maitland                                           Tel: [phone]
Anthony Silverman
Colin Browne
 

Notes:

Tribal Group plc ('Group') provides a range of consultancy, support and delivery
services to the UK public sector. The Group's core markets are in education;
communities (local government, housing and regeneration); health and central
government.

 


                      This information is provided by RNS
            The company news service from the London Stock Exchange