Next 15 buys Creston’s Health Unlimited
Following the acquisition, Health Unlimited will operate as a separate agency, M Booth Health, reporting to Next 15’s M Booth CEO Dale Bornstein (pictured). Timothy Bird, global CEO of Health Unlimited and the US-based management team will remain with the business.
The initial consideration for the acquisition is approximately $27.7m – $21m in cash, with the balance made up of 979,970 new ordinary shares in Next 15. Further deferred consideration may be payable around May 2020 and May 2021 dependent on the EBITDA performance of Health for the years ending 31 March 2020 and 31 March 2021 respectively.
Health Unlimited reported net revenues of $17.4m, adjusted profit before tax of $5.2m and net assets of $17m for the year ended 31 March 2019.
Tim Dyson, CEO of Next 15, said: “This acquisition is a major milestone for Next 15 as it adds another specialist business to the portfolio and greatly expands our international footprint in the healthcare sector. We see significant complementary opportunities for both businesses.”
Next 15 merged its MIG Global data businesses in 2018 as Savanta.
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