Lexis PR

20 May 2002

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Investors

Lexis Public Relations has been bought by its management team from co-founders Bill Jones and Tim Adams. Following completion, the management team, composed of existing directors, has taken a majority stake in the companyâ€™s equity with Jones and Adams retaining a preference shareholding, with an option to convert into stock. The deal, which has been valued at Â£5m, was structured via newco Panther Holdings. Business accelerator Pembridge also assisted in financing the MBO and has taken a minority stake in the companyâ€™s equity. The deal was supported by a debt package supplied by Barclays Bank, comprising mainly senior debt. Director Tricia Beaumont has also sold her shares in the company.

Pembridge partnership was co-founded in 2001 by ex-Text100 co-founder Mark Adams and others as a business accelerator for independent creative services firms (CSFs). The deal was originated through a contact of Mark Adamsâ€™.

Company

London-based Lexis was founded in 1992 and is one of the UKâ€™s largest independent public relations consultancies. The company is best known for its work for clients such as GuinnessUDV, Barclaycard and Powergen. Lexis, which is led by Hugh Birley, has a fee income of Â£4.7m and currently employs 75 people.

People

Otto Stevens led and arranged the deal on behalf of Pembridge and the management team. One of the Pembridge partners has joined the board as non-executive director. Hugh Birley, Fiona Jolly, Duncan MacKenzie-Reid, Margot Raggett and Greg Broadbent acted for management. Steve Allen structured the debt for Barclays. Vendors Jones and Adams will take on consultancy roles with Lexis, with Jones acting as part-time chairman of the operating board and Adams providing part-time consultancy to Lexis clients and teams. Vendor Tricia Beaumont will continue to carry out a senior creative and new business role.