General Atlantic buys MeteoGroup from PA Group for €190m

Karin Wasteson
16 December 2013

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General Atlantic has acquired weather business MeteoGroup from PA Group, the parent company of the Press Association (PA), for тЌ190m.

The transaction will allow PA Group to address its pension fund deficit. Following the deal John Bernstein, General Atlantic's managing director in Europe, and General Atlantic vice president Lucia Rigo will join the board of MeteoGroup.

The sale, which follows the divestment of PA Group's stake in Canada Newswire in 2012, is part of the company's strategy to focus on the Press Association news and information business; develop new products and services for both media and non-media customers; and seek strategic acquisitions that help diversify the revenue and profits of the company, according to PA Group's CEO.

PA Group acquired MeteoGroup in 2005. In September 2013, it acquired Swiss-German weather company mminternational. The resulting group is expected to post a combined annual turnover in excess of €50m.

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.

The company employs close to 400 people in 14 countries and has offices in Belgium, France, Germany, Ireland, Italy, the Netherlands, the Philippines, Poland, Singapore, Spain, Sweden, Switzerland, the UK and the US.

People
John Bernstein is the managing director at General Atlantic. Clive Marshall is the CEO of PA Group. Jennie Campbell is the CEO of MeteoGroup.

Advisers
Equity - Weil, Gotshal & Manges (Legal), Ernst & Young (Financial due diligence), L.E.K. Consulting (Corporate finance).
Vendor- Portico Capital Securities (Corporate finance), Taylor Wessing (Legal).
Company - Portico Capital Securities (Corporate finance), Taylor Wessing (Legal).