10 Sep 2021 | 01.46 pm
Business Post Group Acquires Red C Research
Beachpoint Capitl provides funding
10 Sep 2021 | 01.46 pm
The Business Post Group has announced the acquisition of Red C Research.
Red C will join the Business Post Group alongside the Business Post news title and its events and conference company, iQuest and Business Post Live.
The Business Post said Red C will act as a lead company in the group’s ‘Data & Insights pillar’.
Chief Executive Enda O’Coineen said: “We are delighted to have the opportunity to acquire Red C, an investment which we believe marks a significant step in the group’s strategy to help lead the reinvention of the challenged Irish media landscape.
“Today’s announcement forms a key part of the expansion of the Business Post Group as it continues to develop into a dynamic, flexible, high-end, tech-smart cohort of businesses focused on media, events, data, and technology services.
Under the terms of the deal, Red C will remain an independent company within the group and continue to operate under the existing management team led by chief executive Richard Colwell and managing director Sinéad Mooney.
Founded in 2003, Red C has clients in over 30 countries and offices in Ireland and the UK. The company has a long-running relationship with the Business Post as the news outlet’s polling partner.
Red C Research & Marketing Ltd had a net worth of €740,000 in June 2020, according to filed accounts. The company had 119 employees in 2019/20, down from 138 the prior year.
Period end trade debtors were €870,000, down from €1.5m, and balance sheet cash in June 2020 was €1.7m compared with €1m a year earlier. The company’s five directors shared €945,000 in remuneration and pension contributions.
Richard Colwell (51) commented: “Combined with the Business Post Group, we believe there are huge opportunities to drive growth and expansion in new markets and sectors.”
Colm O’Reilly, chief operations officer of the Business Post Group, added: “We are positive that this investment forms an important milestone for both businesses as part of our expansion ambitions. This latest acquisition shows our ability to grow, attract new talent and support our people, our greatest asset.”
Business Post Group said the acquisition is being funded by a shareholder group led by Enda O’Coineen, the majority owner/founder, and Beach Point Capital Partners. In July 2021, the Ireland Strategic Investment Fund (ISIF), managed by the National Treasury Management Agency, committed €15m to a new fund established by Beach Point Capital to provide debt facilities to Irish SMEs.
Venturewave (Alan Foy) and FOD Solicitors (David Ryan) were lead advisers, while LK Shields advised Red C.
Photo (l-r): Sarah Murphy of iQuest, Red C’s Richard Colwell and Sinéad Mooney, Enda O’Coineen and Colm O’Reilly. (Pic: Fergal Philips)