Recent Deal

Cello Group acquires 2CV Limited

Cello Group Plc, has acquired specialist consumer market research consultancy 2CV Limited, for an initial payment of £5.4 million with further performance related consideration of up to £5.5 million.

2CV was founded in 1996 and recorded a turnover of £5.7million for the last year. The company provides product development, creative marketing communications and strategic media planning services to a range of clients, as well as a traditional market research and consultancy business.

Cello is a market research and consulting group that listed on AIM in November 2004. The group’s strategy is to create value for shareholders by building a portfolio of research and consulting businesses capable of advising blue chip clients globally. The group said it had acquired 2CV for an initial cost of around £5.4 million, of which £3.5 million is payable in cash and loan notes, with the balance satisfied by the issue of 1,330,731 new ordinary shares. In addition, there are further performance related payments over the period to 31 December 2010.

Kevin Steeds, chairman of Cello Group, commented: “2CV has an excellent reputation within the marketing industry as a thought leading and innovative consider insight agency. The 2CV acquisition is consistent with our strategy of building a substantial international research and consulting group.”

A Marriott Harrison team led by Jon Sweet acted as legal advisors to Cello Group on the acquisition.