Twenty snaps up Moveme
Who?
Marketing services group Twenty
Did what?
Has acquired The Moving Service Limited (Moveme) for an initial cash consideration of £1.
What does this mean?
Vendors Advent Private Equity and Local Globe III will subscribe for 2.4 million new ordinary shares of 0.1p in Twenty, at a subscription price of 7.2p per share for a total consideration of £175,000. In the year to 31 January 2009, Moveme made a loss of £2.1m against a turnover of £250,000.
Who advised?
Daniel Stewart and Company offered corporate advisory to Twenty.
Insider comment:
The issue of further shares in Twenty is capped at 5.81 per cent of equity in Twenty up to December 2015.
Ian Lancaster, chief executive of Twenty, said: "The acquisition of Moveme represents a step change for the group and is consistent with our strategy of developing our business model around providing data and customer intelligence solutions. The addition of Advent Private Equity as an investor in Twenty is welcomed as we have gained a strategic investment partner who shares our vision."
