Mon, 11 Apr 2011 | BUSINESS SALE
The Forum for Expatriate Management Ltd has been bought by Centaur Media, the publisher and exhibitions organiser, for a minimum consideration of £2.5 million.
FEM is an organiser of networking events and exhibitions aimed at human resources professionals within companies that employ expatriates. It also runs a web community and forum for its 5,500-strong international membership at www.totallyexpat.com.
The company currently runs annual Global Mobility Summits in the US and the UK as well as a host of regional events co-ordinated by the local chapters.
One of FEM’s two owners, Brian Friedman, said that the company had been growing very rapidly, and that Centaur’s ownership would provide the necessary expertise and infrastructure to take the business to the next level. He said, “The synergies with Centaur’s Employee Benefits and Business Travel portfolio could not be a better fit for our aggressive expansion plans”.
Brian Friedman and his co-vendor, Nigel Ayres will be staying with the business for the foreseeable future and will be committed to staying until at least 2013. Under the terms of the deal, the owners could realise a maximum of £6.75m depending on profits of the business up until 30th June 2013. The company reportedly had £600,000 of cash on its books on the deal date, and had recorded pre-tax profits of £400,000 in the year to 31st December 2010. Companies House figures show the company had £492,000 of liabilities at the end of last year, with a total net worth of £140,000.
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