Primal Pictures Limited / Informa plc
Cavendish is delighted to have advised on the sale of Primal Pictures Ltd, an award-winning digital e-learning company, to Informa UK, a subsidiary of the international publishing, information and events business Informa plc.
Primal Pictures was established in 1991 with the goal of creating the only complete and medically accurate 3D model of the human anatomy. Today their 3D anatomy software is used widely by the healthcare sector and is currently used for student education and by practitioners in over 40 countries. Primal recently launched an online Anatomy & Physiology learning resource which is revolutionizing medical education methodology. In the past 12 months, Primal Pictures has won the British Medical Association’s annual prize for the best digital resource, and the Queen’s Award for Enterprise: Innovation 2012, the highest official award that a British business can achieve.
Informa UK is part of the Informa Group, a Switzerland headquartered business which is listed on the London Stock Exchange. Informa provides academics, businesses and individuals with unparalleled knowledge, up-to-the minute information and highly specialist skills and services. It employs 8,000 people in some 150 offices in over 40 countries. Its business includes Datamonitor, Lloyds List, Euroforum and Taylor and Francis brands.
Peter Gray, partner at Cavendish commented “We are pleased to have produced an outstanding result for the Primal shareholders. Primal Pictures is a first class business and with digital education generating significant M&A interest we were able to achieve very attractive multiples for the company – 2.9x sales and 16.1x EBIT.
“The finnCap Cavendish team were exceptional from start to finish on our deal, helping us to prepare meticulously for the process, identifying a group of highly strategic buyers and negotiating a fantastic deal for our Shareholders. We would thoroughly recommend them to any owners considering an exit.”
“Thank you to John and your fantastic team at FinnCap Cavendish for your unwavering support, dedication, work ethic and belief in Xexec’s mission. John, Mike and Sam were instrumental in bringing the deal to a successful completion and provided invaluable guidance throughout the process.
We look forward to our new partnership with the Castik and Abry teams who are the ideal partners as we continue to expand our business and pursue the next phase of our strategy.”
‘The finnCapCavendish team were great to work with, they took time to listen, properly understand our objectives and tailored the process to get a fantastic result for us. They really understood the value drivers in the ICT sector and had access to all the key buyers for our business, they were able to efficiently manage the sale process maintaining the great relationship we’d built we Adept as our preferred buyer.’
“Thank you to Jon, Steph and Chirag for their tireless efforts in recent months. Jon offered invaluable leadership and strategic advice, while Chirag and Steph provided diligent and supportive guidance throughout. They also behaved throughout as one would expect friends and confidants to act, which is very helpful in a confidential situation. We were delighted with the result and very, very pleased to have had the three of them as our team.”
“Cavendish understood our ambitions from day one and went to great lengths to understand the minutiae of the business in order to effectively position the investment proposition as it evolved throughout the transaction. Cavendish were not just an advisor but a true partner to the Systal team throughout the process all the way through to completion.”
“The Cavendish team of Jon, Chris, Chirag and Soben steered the process from start to finish and were instrumental in bringing this transaction to a successful conclusion with the right partner in the form of Naviga. The sale of Miles 33 to Naviga marked a successful exit for the financial investors and provides management with a larger platform to grow the business.”
“We are delighted to have secured this transformational funding. The open market does not serve everyone and the funding enables us to provide a choice to many more sellers. We would also like to thank Jon, Ben, Steph for their efforts – they provided invaluable advice and hands-on support throughout the process, providing us with a trusted advisor that saw the transaction through to completion.”
In Thomson Reuters, we found a strategic buyer that shares our commitment to the rule of law. We have a proven track record of enabling the courts’ digital transformation of the UK. We are optimistic that with Thomson Reuters global footprint we will be able to help courts around the world to continue to operate effectively and efficiently into the future.
We’d also like to place on record a huge thank you to Jon, Sam and the Cavendish team. From identifying Pelican Capital through to providing advice and support throughout the due diligence process, Cavendish deserve a great deal of credit for delivering the fundraise in an exceptionally challenging environment.
“On behalf of the shareholders, we’d like to thank Cavendish for their advice, tireless work ethic and professionalism throughout the process. Jon, Mike and the team were instrumental in achieving a fantastic result for both the shareholders and the company, as we embark on our exciting next phase of growth with a new investor. We knew we had chosen the right partner in Cavendish and you did not let us down.”
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