MiQ coverage from Reorg's
EMEA Middle Market team. More on performing credit MiQ for Reorg subscribers
HERE.
Relevant Document:
FY’20 Accounts
Bridgepoint has entered into exclusive negotiations to acquire digital advertising services company MiQ, sources told Reorg. The transaction is expected to be supported by private credit, sources noted.
MiQ, which is backed by ECI, is being marketed off about $60 million EBITDA and is advised by Jefferies, as
reported.
ECI acquired the business in 2017. Since then, the company has expanded in North America and opened four U.S. offices. The group’s revenue in the U.S. accounts for 66% of total group revenue and has more than doubled since 2017, according to the sponsor’s
website. The company also has offices in China and India. It employs 800 people and has 30 offices in 10 countries.
In 2020, MiQ was working with about 700 advertisers. The majority of customers are serviced via agencies, with 42% of revenue coming from large multinational agency growth.
On March 31, 2021, the group secured a bank loan of $64.2 million, which matures in March 2027, in order to repay all its outstanding investor loan notes. All investor loan notes were delisted and settled on April 22, 2021, accounts show. The group also had a £10 million revolving credit and overdraft facility.
Bridgepoint and ECI did not respond to Reorg’s request for comment at the time of the publication.
-- Lucía Camblor, Andrew Ross