RLA Group Ltd
The Mission Marketing Group, the AIM listed marketing communications and advertising group has acquired RLA Group the marketing and communications agency, with offices in Bournemouth, Belfast and Edinburgh in a deal worth up to £20m.
The Mission, has acquired RLA from its management team and ISIS Equity Partners for an initial consideration of £9.5m consisting of initial cash/loan notes consideration of £7.7m and a further £1.8m satisfied by the issue of new ordinary shares in The Mission.
A deferred initial consideration of up to £2m is payable based on achieving performance targets to 31 December 2007, £1.2m cash and £0.8m in shares.
A further potential payment of up to a maximum of £9.5m is due in March 2011, subject to RLA meeting challenging performance criteria based on its pre-tax profit performance over the approximately three year period from completion of the acquisition to 31 December 2010.
RLA was founded in 1984 and currently employs some 60 staff who will all join The Mission.
