Business services group Amey has bought Crown Business
Communications in a deal worth nearly £13m.
Amey - a former Crown client - paid an initial consideration of £9.1m for B2B communications firm Crown. It has agreed to fork out a
further £3.7m if Crown meets its pre-tax profit target of £1.6m by December 2002.
Crown, which was founded in 1981, specialises in business communications
ranging from organising shareholder meetings, live events and
conferences to producing websites and corporate videos.
Clients include Equitable Life, Egg, Heathrow Express, One 2 One and
Crown MD Nick Lamb has taken on the role of chairman as a result of the
He said: 'We had always intended, when we set up the company and
completed an MBO some seven to eight years ago, that we would sell the
company to realise its value.
We believe that a relationship with Amey will provide opportunities
Amey has evolved from a construction company into a diversified business
services group capitalised at just under £1bn and turning over
£750m a year.
Crown, which recorded a turnover of £13.9m for 2000, will sit as
an autonomous entity within Amey's technology services offering, headed
by director John Robinson.