General Atlantic to sell MeteoGroup to TBG
US-headquartered GP General Atlantic is to sell its London-headquartered portfolio company MeteoGroup, a weather reporting service, to Switzerland-based holding company TBG.
The deal marks the end of a five-year holding period for General Atlantic. The proposed acquisition is expected to enable MeteoGroup to invest in its commercial expansion and capitalise on new market opportunities.
TBG also owns DTN, a provider of decision-support services to the global agriculture, oil and gas industries.
Previous funding
PA Group, the parent company of the Press Association, acquired MeteoGroup in 2005. In September 2013, the group acquired Swiss-German weather company MM International. The resulting group was expected to post a combined annual turnover in excess of €50m.
General Atlantic announced its intention to acquire MeteoGroup from PA Group for €190m in December 2013. The transaction allowed PA Group to address its pension fund deficit.
Company
Founded in 1986, MeteoGroup is a full-service weather business supplying tailored products to corporate, industrial, media and consumer markets. It has developed two weather apps: WeatherPro and MeteoEarth.
People
MeteoGroup – Donat Rétif (CEO).
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