The MISSION Group completes sale of subsidiary April Six
Fri, 03 Jan 2025 | BUSINESS SALE
AIM-listed digital marketing and communications company The MISSION Group has sold subsidiary April Six to US firm Marketbridge for up to £17.4 million.
Devon-based The MISSION Group, which is a collective of digital marketing and specialist communications agencies, said the deal consisted of an initial payment of £10.5 million and an earn out of up to £4.2 million.
April Six, with offices across the US as well as in London, is a full-service integrated agency specialising in technology and science, with a strong, blue chip client base including CERN, the European Organisation for Nuclear Research.
For the year ended 31 December 2023, April Six generated revenue of £11.7 million, down from £14 million the previous year, and a profit before tax of £230,000.
Marketbridge is a growth consulting and marketing services firm with 310 employees across global locations including Boston, San Francisco, Seattle, London and Canada. It works with over 150 clients worldwide, including Amazon Web Services, AMD, MetLife, Elevance, Flex and CERN.
The MISSION Group believes that April Six will benefit from ownership by a US headquartered owner who can support its plans in the US, its largest market opportunity for growth.
Fiona Shepherd, founder and chief executive of April Six, will remain with the business and step down from the board of The MISSION Group with immediate effect following 14 years' service as a board member.
According to The MISSION Group’s announcement Shepherd will receive an incentive payment of up to £360,000 for sourcing the buyer of April Six.
David Morgan, MISSION's non-executive chair, said: "The sale of April Six demonstrates the intrinsic value inherent in MISSION's collective of agencies. Future shareholder value will be created not from disposals, but from a commitment to delivering great work for clients, collaboration amongst colleagues, continual focus on operational excellence and organic growth and a proactive capital allocation policy.”
John Shomaker, CEO, Marketbridge said: “This marks a significant step in our mission to eliminate fragmentation in sales and marketing efforts and provide our clients with integrated, high-velocity growth solutions. Together, we will continue to rewrite the rules of sales, marketing, and digital engagement to help global brands reinvent growth.”
The net proceeds from the deal will go on reducing The MISSION Group’s £17 million bank debt.
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