Michelmores advises Haynes Publishing Group in Teon Media acquisition
The corporate team at Michelmores has advised Yeovil-headquartered Haynes Publishing Group PLC in the acquisition of Teon Media, as Haynes looks to develop its digital offering.
Haynes, which is listed on the London Stock Exchange, bought the Darlington-based Teon for a cash consideration of £450,000 to be paid in staged payments from cash resources over 24 months.
Teon Media was founded by Peter George in 2011 and has recently developed a digital platform designed to appeal to younger motorists, as well as a database covering Europe's most popular cars.
Michelmores Partner Richard Cobb, said:
"We are delighted to have acted for Haynes on this strategic transaction which will significantly develop Haynes' position in the online and digital market."
Eric Oakley, chief executive of Haynes, said:
"The acquisition is an important move for the group and whilst we remain firmly committed to our Haynes manual programme, Teon forms a major building block in our consumer digital strategy.
"Building on the strength of our iconic Haynes manuals, the complementary provision of timely information in an accessible, easy-to-use and trustworthy format will significantly strengthen our consumer offering.
"We are also delighted that as part of the deal we've signed a three year consultancy agreement with Peter George, which will help to ensure continuity during the important post acquisition period and add strength to the group's digital initiative."