Niche information services provider United Business Media Ltd., UK, has announced that it has acquired the remaining 48 percent of the holding company of RISI, Inc. from its joint venture partner Pegasus Partners II, LP for a total cash consideration of $14.3 million. As a result of this transaction, RISI is now effectively owned and controlled by UBM.
RISI provides online and printed market, pricing, news, analysis and benchmarking products and services on the forest product industry. These cater to the forest products industry as well as the industry's suppliers and customers. RISI also has a small portfolio of events held annually around the world. The company employs a total of 125 staff, based in Bedford in the US, with principal satellite offices in Brussels, San Francisco and Atlanta. Viewing China as an increasingly important customer to the forest products industry, it also headquarters its Asian business in Shanghai. In 2008, RISI generated revenues of £14.4 million. UBM anticipates that this further investment in RISI will deliver a return in line with, or in excess of, UBM's acquisition post-tax return threshold of 8 percent.
UBM has also confirmed the appointment of Mike Coffey as RISI's Chief Executive Officer. He joined RISI as Chief Information Officer in April 2007 and has more recently served as the business' Chief Operating Officer. He was seen to have played a central role in RISI's product and process modernisation programme. Coffey had joined UBM in May 2003 and served in a range of technology and product development leadership roles within the company's US-based businesses.
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