MDA sells its econveyancing hub & Searchflow businesses – updated
MacDonald Dettweiler and Associates (MDA) has announced the company has executed definitive agreements for the sale of its Information Products Division to TPG Capital for $850 million. The deal includes all of MDA's Information Products business units worldwide. Specific to the UK & Ireland, these include MDA SearchFlow Limited, MDA Hub Limited, xit2 Limited, Rochford Brady Group and Millar & Bryce. The transaction is expected to complete early next year, and is subject to the customary regulatory approvals and other approvals and consents typical for this type of transaction.
Stuart Pearce, Group Managing Director for MDA information Products (UK&I) said “TPG is a world class investment company with deep skill sets and experience that will help us achieve our ambitious plans for growth over the next few years. I am looking forward to working with TPG and harnessing their unique investment insight to create long term value for all the stakeholders in our business. Our customers should see a strong focus on developing new products and services and working with them to help provide solutions to their needs both now and in the future.”
Bryan Taylor, a partner at TPG Capital said: “We are very excited about investing in these high-quality property information assets. MDA and the respective management teams have done an excellent job growing these companies. This investment fits very well within our broader data services portfolio, and we look forward to working with management in the US, Europe, and Canada to continue growing these businesses.”
Comment: We've just spoken to Stuart Pearce. He said it was very much business as usual as there were no changes planned for staff, management, products, services or even company names. He added that as part of the due diligence process, TPG had looked at the UK and Irish division's five year planning programme and was fully supportive of its plans to expand the business. He also said he anticipated being part of a well funded group (TPG is one of the largest private equity groups in the world with over US$47 billion currently invested) would be a benefit and further help grow the business. Pearce anticipates announcing the next phases of the group's five year plan over the next six months.