1st February 2012
We’re pleased to announce the sale of one of the UK’s leading strategic medical communications companies, Succinct Communications, to Chime Communications PLC, a leading marketing services group for a potential total value of £10.6m.
Based in Amersham, Succinct has particular expertise in market access and key opinion leader and advocacy development in the field of prescription medicines. Succinct will become part of Chime’s healthcare division, OPEN Health.
The transaction consists an initial consideration of £3.1m comprising £2.6m in cash and 264,338 shares in Chime PLC. A further £7.5m of deferred consideration is payable upon Succinct’s future performance.
Green Square acted as advisor to the shareholders of Succinct throughout the process.
Sean McGrath, CEO and joint shareholder of Succinct, commented:
“Green Square brought an excellent mix of solid transactional expertise, exceptional commercial awareness and extremely personable negotiation skills. Their knowledge of the marketing consultancy industry and deep transactional experience enabled us to complete the transaction in a short timeframe and very much to the satisfaction of all involved.”
Tony Walford, Green Square partner, commented:
“We are delighted to have been involved with Succinct and in creating value for its owners. As part of OPEN Health we expect the business to not only continue along its strong growth curve, but benefit from the opportunities that being part of a wider group brings.”