ACQUISITION OF DIIG(E)
dmg information (“dmgi”), has agreed to acquire the entire share capital of DIIG EUROPE for consideration of £75 million, from Decision Insight Information Group (“DIIG”), a portfolio company of the US private equity firm TPG Capital.
DIIG EUROPE is the UK and Ireland’s leading property searches group, primarily delivering residential and commercial property search results to legal professionals, and is based in Kent, England with additional offices in Edinburgh, Scotland and Dublin, Ireland.
DIIG EUROPE’S (“DIIG(E)”) business comprises SearchFlow Limited (England & Wales,www.searchflow.co.uk), Millar & Bryce Limited (Scotland, www.millar-bryce.co.uk), Rochford Brady Legal Services Limited (Ireland, www.rochfordbrady.ie), Decision Insight Hub Limited (also known as NLIS Hub) and Decision First Limited.
The acquired businesses had revenues of £69 million and operating profit of £6 million, adopting IFRS, for the year to 31 December 2012.
The acquisition is complementary to dmgi’s existing businesses in the property sphere and is consistent with dmgi’s strategy of adding products and services to enhance its overall offering.
Marshall King, CEO of DIIG(E), said: “DIIG(E) is a natural fit for dmgi and we will benefit from their long term commitment to the UK property information market. We have just had a strong year achieving record customer satisfaction and offering new products and solutions from a wide range of providers to our extensive customer base in the UK and Ireland.”
Suresh Kavan, CEO of dmgi, said: “Acquiring this group of outstanding companies will greatly increase our strategic reach at a time of great opportunity in the property information industry. We are delighted to welcome them to our portfolio of companies.”