St Ives Group has acquired The Health Hive Group in a deal worth £50m.
The deal will be made up of £16.8m in cash and around 2.1 million shares in St Ives, with a further consideration of up to £29.1m, made up of 80 per cent in cash and 20 per cent in shares, depending on financial performance over the next three years.
Hive will continue to operate as a subsidiary of St Ives with the management team of Ian Busby, Jas Hummel and Tim Scorer, set to remain in place.
Patrick Martell, CEO of St Ives, said: “Hive’s offering of consultancy services and digital solutions complements St Ives’ existing Marketing Services businesses, and the acquisition considerably increases our credentials in the large and very attractive healthcare and pharmaceuticals industries. I am delighted to welcome the Hive team to the Group and look forward to supporting their growth plans.”
Based in London, the Hive Group employs around 70 members of staff, and works with an international client base across both pharmaceutical and healthcare sectors. In 2013, it generated revenue of £9.1m