MiExact sold for £9.6 million
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Wilmington plc (LSE: WIL, 'Wilmington', 'the Group'), the provider of data, information, education and training in the global Governance, Risk and Compliance markets, has sold its mortality data business, MiExact, for an enterprise value of £9.6 million, subject to working capital adjustments, to Information Services Bidco Limited. The business will continue to be run by the existing management team, led by Managing Director Polly Avgherinos, backed by Foundation Investment Partners.
The consideration consists of £6.6 million of cash on completion and £3 million of loan notes with a 7% coupon, deferred for up to three years.
For the year ended 30 June 2023, MiExact had gross assets of £20.5 million and reported a profit before tax of £1.1 million.
The proceeds of the sale will be used for general corporate purposes.
Mark Milner, Chief Executive Officer of Wilmington, said
"This sale reflects our continued and active management of our portfolio as we assess the potential of each business to exhibit the six common Wilmington characteristics that we recognise as key drivers of organic revenue growth and profitability improvement."
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