GMT Communications Partners has exited conferencing services business MeetingZone after a seven-year hold.
MeetingZone has been acquired by AIM-listed remote meetings company LoopUp Group for a total consideration of £61.4m (€70m). GMT bought the business for £38.5m in August 2011.
UK-based MeetingZone provides automated and self-managed conference call services to around 6,000 businesses including Debenhams, BDO and Taylor Wimpey. It has operations in the US, Canada and Germany, and completed three bolt-on acquisitions under GMT’s ownership.
Last year the company reported revenues of £22.5m, gross profit of £15m and adjusted Ebitda of £5m.
The bi-lateral deal constitutes a reverse takeover and will create a group with around £8m of combined Ebitda. LoopUp is placing £50m of new shares to fund the acquisition.
Arma Partners advised MeetingZone while GMT was advised by Shearman & Sterling. Pinsent Masons and Travers Smith advised LoopUp and the bookrunners respectively.
Earlier this year GMT sold Docugroup, an information services provider to the construction industry, to Towerbrook-backed Infopro.