Advised Communicorp Group in the divestment of their Bulgarian assets

Advised Communicorp Group in the divestment of their Bulgarian assets

Advised Communicorp Group in the divestment of their Bulgarian assets

Client: Communicorp Group
Status: Private
Sector: TMT
Revenue: €48m (2017)
Buyer: Management

Client: Communicorp Group

  • Communicorp Group Ltd. is a leading European media and a radio broadcasting corporation with headquarters in Dublin, Ireland
  • Communicorp UK is the newest and fourth largest radio group in the UK, maintaining some of the largest independent radio networks
  • Communicorp owns and operates a portfolio of media channels with a strong focus on commercial radio and emerging digital media
  • It has reported revenues of €47.4m in 2017

Investor: Local Management Team

  • Local management of the company has been within the radio group since late 1990s (with executive positions post Communicorp Group’s acquisition in 2004)

Situation Overview & Solution

  • Following a strategic review, Communicorp Group has decided to realign its portfolio within the CEE countries. As part of this, Communicorp decided to divest its radio business in Bulgaria, after the recent exiting from several other markets in the past years
  • Communicorp operated the largest radio group in Bulgaria with more than 30% audience market share, supported by a comprehensive portfolio of 7 leading music-oriented radio stations targeting diverse audiences, among Bulgaria’s most listened stations weekly reaching over 2.1m people or 40% on a national level
  • The local management team has been within the company since late 1990s and had ambition to materialize the business full potential

Entrea Capital’s Role and Value Added

Entrea Capital has been retained as an exclusive sell side advisor and provided the following value-added services to Communicorp Group:

  • Managed the entire sell side process
  • Prepared comprehensive marketing materials (financial model, business plan, investment memorandum)
  • Identified and established contact with a wide group of potential strategic and financial buyers
  • Attracted interest from several European and regional investors
  • Provided expert advice during the due diligence and negotiations process