UK: Zibrant Deal Slated for November Completion
Zibrant chairman Nigel Cooper expects his management buyout of the agency to be completed by the end of November.
Cooper agreed a cash deal to purchase Derby-based Zibrant for £2.9 million after parent company Motivcom was the subject of a £41m bid from Sodexo Motivation Solutions U.K (SMSUK) – part of the French multinational Sodexo. Zibrant was not part of the bid, however, and Motivcom agreed to dispose of the event management company – selling to its meetings and events division director Cooper.
Motivcom’s board has continued to recommend the acquisition to its shareholders after the company filed interim six-month results revealing a 34 per cent slump in pre-tax profits last week.
Now, Cooper says his acquisition of Zibrant should be concluded "by the third week of November", as the finer details of the deal, such as infrastructure and banking changes, are ironed out.
After investing £1m in IT infrastructure last month, the agency still plans to roll out software upgrades across event management and venue finding.