The sale of Compliance Week is consistent with Haymarket’s global growth strategy, articulated in its Group Growth Plan, which sees the company focusing its resources for growth and development on global markets in which it holds an established position of scale and market leadership.
Commenting on the sale, Lee Maniscalco, Chief Executive of Haymarket Media Inc. said: “Compliance Week is an incredibly strong business and a leader in its particular field managed by a talented team of professionals. But it is not in a market in which Haymarket can provide scalable growth and we believe that the business will be better served by Wilmington, given its established leading positions in compliance and related markets. We wish the team at Compliance Week every success for the future and thank them for their loyal and diligent service at Haymarket”.
Commenting on the acquisition, Charlie Brady, Chief Executive of Wilmington Group, said: “Compliance Week is a quality business that Wilmington was unsuccessful in acquiring in 2008 when it was sold to Haymarket. However we are delighted that the opportunity has arisen again and that they are joining the Wilmington Group. Compliance Week has a very experienced management team who collectively bring with them a wealth of knowledge and experience in the GRC market as well as providing a base in North America to support in particular our Axco and Banking & Compliance businesses as well as positioning the Group to make further earnings enhancing acquisitions should the right opportunities arise.”
Berkery Noyes acted as investment banker for Haymarket in the transaction.
