Brave Bison Group plc has orchestrated a significant expansion in the sports marketing sector through its acquisition of Engage, marking a strategic consolidation valued at £10.6 million. The merger promises to reshape the landscape of sports media and digital content strategy, bringing together two powerhouses in the industry.
The acquisition structure reveals careful financial engineering, comprising an enterprise value of £2.1 million, equity consideration of £2 million, and performance-linked contingent consideration reaching up to £6.5 million over a three-year period. The transaction, scheduled for completion in early January 2025, will be facilitated through Brave Bison’s existing cash resources.
Engage’s impressive portfolio includes partnerships with premier sports brands and governing bodies, notably Formula 1, the International Cricket Council, Real Madrid, and New Zealand Rugby. The company, which emerged from a management buyout from Endemol Sport in 2012 under the leadership of Gregg Oldfield, has established a global presence with strategic offices in London, Dubai, India, and Australia, supported by a workforce of 130 professionals.
The merger will create an enlarged sports and entertainment division with a projected turnover of £16 million, combining Engage’s expertise with Brave Bison’s established media network. Brave Bison’s existing partnerships with prestigious sporting events and organisations, including the PGA Tour, Ryder Cup, US Open, Australian Open, and Le Mans, complement Engage’s client roster.
Oliver Green, executive chairman of Brave Bison, emphasised the strategic significance of the acquisition: “Engage boasts an enviable client roster including Formula 1, ICC and Real Madrid, and deep expertise in sports media and digital content strategy.” Green highlighted the timing of this union, noting that “rights holders and sports federations are looking to maximise their IP, boost fan engagement and really drive commercial performance using a more data-driven approach.”
Financial projections for Engage indicate an expected turnover of £6.9 million for the year ending 31st December 2024, with an adjusted EBITDA loss of £300,000. Brave Bison has expressed confidence that following a comprehensive restructuring and integration programme, Engage will contribute positively to earnings over the medium term.
The broader financial outlook for Brave Bison remains robust, with the board confirming that trading performance in the second half of 2024 aligns with market expectations. The company anticipates meeting current market forecasts for FY24, projecting an adjusted EBIT of approximately £3.6 million.
This strategic acquisition positions both entities to capitalise on the evolving dynamics of sports marketing and digital content creation, establishing a formidable presence in the global sports entertainment sector.