Next 15 to acquire Elvis Communications

Next 15 announced the acquisition of Elvis Communications, a UK based integrated digital agency with a focus on consumer brands.

The consideration for the acquisition is £5.5m in cash, representing a 5.5 multiple of 2017 forecast adjusted EBITDA.

The consideration comprises a £5m up-front payment for the business followed by a deferred payment of up to £0.5m (subject to adjustments).

The acquisition is expected to be modestly earnings enhancing for Next15 in the current financial year.

For the year ended 31 December 2016, Elvis reported adjusted net revenues of £4.7m, adjusted EBITDA of £0.75m and net assets of £0.9m.

Elvis is to be acquired on a cash-free, debt-free basis.

Tanya Brookfield has been CEO since 2013 and will, along with her management team, continue to lead the business. Clients include global brands such as, Cadbury, Honda, Stella Artois, Budweiser, Corona and Kenco.

Next 15 CEO Tim Dyson commented: "The future of marketing will be determined by how it embraces technology and data.

"Elvis, which is renowned for its creativity, shares this vision and will be a great addition to Next 15.

"The team has already partnered with our MIG team and we see several opportunities for them to connect with other parts of the group going forward.

"Most importantly, we are excited to have the Elvis team as a part of the group.

"Visions and missions are nothing without the talent to execute them."