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Tarsus Grp PLC (TRS)

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Tuesday 11 November, 2014

Tarsus Grp PLC

Acquisition

RNS Number : 6552W
Tarsus Group PLC
11 November 2014
 

11 November 2014                                                                               

 

Tarsus Group plc

 

Acquisition of the South Beach Symposium

 

Tarsus Group plc (LSE: TRS, "Tarsus" or the "Group"), the international business-to-business media group, has agreed to acquire 100% of the assets of the South Beach Symposium ("SBS") from SBS Medical Education LLC. SBS is a leading educational event for Dermatologists, Plastic Surgeons and other physicians and represents a significant addition to the Group's medical division.

 

The preventative medicine market in the US comprises four key pillars: neurological disorders, endocrinology, cardiovascular and cancer. Skin health is one of the most important elements of preventative medicine with skin cancers now accounting for nearly half of all cancers diagnosed in the United States. SBS' comprehensive approach to skin health education addresses the key areas of dermatology continuing medical education: medical, surgical, including cutaneous oncology, pediatric and aesthetics. Following Tarsus' acquisition earlier this year of a cardiovascular-focused event, the Cardiometabolic Health Congress ("CMHC"), the acquisition of SBS provides the Group with increased access to another key pillar of the US preventative medicine market.

 

In early 2014 the Group broadened its medical education offering with the launch of the Metabolic Medical Institute (MMI). This launch supports the Group's Quickening the Pace strategy which is focused on driving organic growth and making selective strategic acquisitions with a view to accelerating the growth of returns to shareholders. Along with CMHC, the acquisition of SBS accelerates the growth of MMI into the mainstream medical market.

 

Acquisition highlights

 

·    Acquisition of 100% of the assets of SBS for a total cash consideration of US$6.4 million (the "Acquisition") with US$5.5 million payable on completion and deferred payments made to be made through to 2018 of US$0.9 million. The consideration will be met from existing financial resources.

·    The Acquisition includes the immediate purchase of SBS's planned online education business "Dermatology Education Online" which will take both the existing medical education content of the event as well as new educational and promotional material and make it available to a wider audience online. Consideration for the online education business is payable in 2018 with reference to the profits of that business in 2017. The maximum consideration for the SBS online education business has been set at US$20 million.

·    SBS takes place annually in Miami and the next edition will be held in February 2015.

·    Founder Mark Nestor, M.D., Ph.D. will continue to lead SBS after its acquisition and is contracted through to the 2017 event.

·    For the year ended 31 December 2013, the assets subject to the transaction recorded unaudited profit before tax of approximately US$0.8 million.

·    The Acquisition is expected to be earnings accretive in the financial year ending 31 December 2015 and thereafter.

 

 

Douglas Emslie, Tarsus Group Managing Director, said:

 

"The acquisition of SBS is another key step in the transitioning of the Group's medical business and the implementation of the "Quickening the Pace" strategy. As we focus on taking preventative medicine into the mainstream medical market, the acquisition of SBS compliments the launch of MMI and the earlier acquisition of CMHC. These initiatives will accelerate our progress and provide a strong platform for growth".

 

Tarsus is hosting a Capital Markets Seminar for analysts and investors later today to be held at Skinners Hall, 8 1/2 Dowgate Hill, London EC4R 2SP at 4pm. The event will provide information on the Group's Medical division with an overview of the market and the Group's divisional strategy. No new material information will be made available.

 

For further information:

 

Tarsus Group plc:

 


Douglas Emslie, Group Managing Director

     +44 (0)20 8846 2700

Dan O'Brien, Group Finance Director


IR Focus

Neville Harris, Investor Relations

+44 (0)79 0997 6044

 

Notes to editors

 

Tarsus Group plc (LSE:TRS) is an international business-to-business media group with interests in exhibitions, publishing and online media.  The Group operates globally in key verticals including aviation, medical, labels and packaging, discount clothing (Off-Price), housewares and automotive. Tarsus runs more than 80 events and websites and its flagship brands include the Labelexpo exhibitions in Europe, the Americas and Asia and the Dubai Airshow.

 

The Group operates across a worldwide network of offices in Dublin, London, Paris, Milwaukee, Boca Raton (Florida), Dubai, Shanghai, Jakarta, New Delhi and Istanbul. Tarsus is building on its strong presence in the emerging markets of the Middle East, China, Turkey, Indonesia and Mexico.

 

 


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