LONDON--(BUSINESS WIRE)--Now it’s official. Findlay Media (FML) is part of the Mark Allen Group (MAG).
The acquisition was completed today (Friday) after three months of negotiation and successful due diligence.
Chairman and founder of MAG, Mark Allen, said: “I am absolutely thrilled. The whole process has gone pretty seamlessly and I am delighted that FML is now a part of our rapidly expanding group.
“I would like to thank Findlay’s founder Bob Findlay for the fair and amicable way the deal has been negotiated and to wish him every success in his superb work as chairman of Leigh Academies Trust.”
Mark Allen announced that FML’s chief executive Peter Knutton was to become chief operating officer of MAG, whilst still running FML as managing director from the company’s offices in Dartford, Kent.
MAG’s chief executive officer, Ben Allen, added: “Peter and FML’s Executive Director, Ed Tranter, have done a simply outstanding job in navigating FML to its current very profitable position. I am extremely excited about the opportunities that will now be available across the enlarged group by pooling the talent of the two companies, as well as in the sharing of our knowledge and experience.”
Peter Knutton: “I am delighted that Findlay is now part of MAG and look forward to helping the group grow and achieve its full potential over the next few years. It’s going to be an exciting journey.”
Bob Findlay observed: “Some things haven’t changed since I founded Findlay’s 40 years ago. Mark Allen and I share a conviction that publishing still revolves around magazines and business is still about people.
“They say life begins at 40. UK manufacturing is expanding rapidly again and Findlay stands out as its media leader, with strong brands and an expert team.
“This is a great deal for both companies. I have no doubt they will prosper together and I wish them every success.”
The combined group will see turnover increase to nearly £30million during the current year with a significant advance in profits.
“This excellent acquisition will mean that MAG will become a major player in publishing with opportunities to grow even more in the next few years,” Mark Allen said.