Next 15 buys Pinnacle for £4.4 million

Next 15, which owns Text100, Bite, OutCast, and MBooth, has acquired tech PR agency Pinnacle for £4.4 million. At the same time, the digital marketing and PR group has reported a 30.3% rise in revenue in the six months ending 31 July 2016, as well as a 47.2% increase in pre-tax profit in the same period.

Next 15

Next 15 CEO Tim Dyson

Pinnacle, co-founded by  managing director Simon Flatt in 1996, is a specialist technical content and digital marketing business, with customers in the electronics, telecoms and engineering sectors including Toshiba Electronics, Sandvik Coromant and European Telecommunications Standards Institute.

It generated £1.1 million in pre-tax profit for the year ending 31 March 2016. Pinnacle is based in the UK but approximately 25% of its revenue comes from US-based clients.

Tim Dyson, CEO of Next 15, said: “Pinnacle extends our deep tech marketing capabilities and will enable us to accelerate our plans to build a similar business in the US.”

The initial consideration for the acquisition is around £4.4 million, of which £4 million will be settled in cash, with the remainder of the balance paid in share options. The business is being acquired debt-free.

Flatt will remain in the business following the acquisition. Pinnacle will be managed as one business alongside Publitek Limited, which was acquired by Next 15 March 2016.

Pinnacle MD Simon Flatt said: “Pinnacle has built a solid reputation for developing and delivering integrated, content-based marketing communications campaigns that target highly technical global audiences.

“It is clear that Next 15 truly recognises the value of this content-led approach. By becoming part of this dynamic, international group, we believe we can further enhance the value we bring to our existing clients, take better advantage of global opportunities, and further accelerate plans for growth.”

 

Related Posts
PR News in Brief
This week’s PR news in brief (13-17 November)
Here’s our round-up of essential PR news stories and features from the past week, including the winners of the PRCA West Midlands PRide awards, account wins for Hills Balfour [...]
Laureus World Sports Awards appoint Clifford French
Clifford French to promote 2018 Laureus World Sports Awards
Laureus World Sports Awards has appointed Clifford French to implement a UK comms and influencer strategy to promote its 2018 ceremony in Monaco. Following a competitive [...]
W to launch Hard Rock Hotel for glh
W to launch London’s Hard Rock Hotel
Hotel operator glh Hotels has appointed W as lead global agency for the launch of the new Hard Rock Hotel in London following a competitive pitch. The agency’s creative launch [...]
British Wordworking Federation appoints Speed Communications
Speed to promote British Woodworking Federation
Woodworking and joinery trade association the British Woodworking Federation has appointed Speed Communications as its retained PR and comms agency. The agency will deliver a [...]
Copyright © 2017 Gorkana