Perform Group, the leading digital sports media company, has announced it plans to float on the London Stock Exchange.
Perform Group – Digital Sports Media
Perform is looking to make an initial public offering (IPO) to float a minimum of 25% of the company, with hopes that the primary component of the share issue will raise about £70 million. Existing management and staff currently own 40% of the business and, along with US group Access Industries, will reduce their stakes as part of a secondary component to the flotation, which is expected to value the company at more than £500 million.
Perform was formed in 2007 through the merger of Premium TV and Inform Group, and the group’s joint-CEO Oliver Slipper said: “The funds raised through the IPO will give us a substantial platform to grow further.”
Slipper added: “We have successfully followed a clear and proven strategy to build a high-growth, international digital sports media business which is balanced by geographies and products. This has been built on a portfolio of world-class sports content and global platforms underpinned by leading technology.”
In 2010, the company streamed more than 25,000 separate sporting events live and managed over 100 websites and mobile services on behalf of third parties. In January 2011 Perform’s services reached 95 million unique users and in February, the company announced the acquisition of the world’s most popular football website, Goal.com.
In announcing an intention to float, Perform also unveiled a new management structure with Paul Walker, the former chief executive of Sage, becoming non-executive chairman.
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