Centaur Media Plc has agreed to sell its engineering portfolio, including The Engineer and Subcon, to Mark Allen Group.
Mark Allen Group will pay a cash consideration of £2.5m, subject to customary post-completion adjustments. The sale is expected to complete 31 May.
It follows the recent disposals of Centaur’s financial services business, its travel and meetings exhibitions and its HR business. The latest sale will take aggregate proceeds to £21.75m in cash.
The Engineer is a business publication which reports on emerging technologies and key trends across engineering and manufacturing. Subcon is a subcontract manufacturing supply chain show.
Centaur has been exploring the divestment of its smaller businesses following the conclusion of a strategic review last October.
Negotiations for the sale of The Lawyer, Centaur’s legal publication, are ongoing.
Andria Vidler, chief executive of Centaur, commented: “This is the fourth disposal following Centaur’s divestment review. Throughout the process we have been pleased with the interest our businesses have received, and we are delighted that our engineering portfolio is joining Mark Allen Group, who recognise its value and are well positioned to take it forward.
“I would like to say a huge thank you to the teams across the portfolio. The continued success of the brands and contribution to Centaur over the years is a testament to their hard work and ongoing commitment.”
Ben Allen, chief executive of Mark Allen Group, added: “The acquisition of these premium brands is part of our strategy to target well-established products in markets where we believe there are exciting growth opportunities.
“These assets will further strengthen our existing manufacturing and engineering publishing and event portfolio, which includes titles such as New Electronics and Eureka, as well as the Engineering Design Show.”
