Chartered accountant and business adviser Price Bailey has recently concluded a re-financing project for digital media company iSite TV Ltd, which enabled outright control of the company to be acquired by Spire Media Limited, which provided all sales activity to iSite.
iSite specialises in the creation and delivery of video and other forms of digital media on behalf of major blue chip clients within the retail and manufacturing sectors in the UK, Europe and beyond.
In 2011 the Price Bailey Strategic Corporate Finance team advised on a successful acquisition of iSite, which transferred a majority interest to Spire Media Limited and its managing director, Mark Payne. The refinancing project enabled the acquisition of the remaining 20 percent of the business and followed a detailed assessment of options from a range of lenders before concluding an agreement with Barclays.
Price Bailey has been retained by the company since the 2011 acquisition to provide a broad range of outsourced services and advisory work including an acquisition by the company in late 2014.
The refinancing project was managed by Simon Blake, head of Price Bailey’s Strategic Corporate Finance team, who has advised Mark Payne since before the 2011 deal and introduced Barclays to iSite for this latest transaction. “It is very gratifying to continue working with Mark in delivering his long term strategy, the most recent part of which was on plan enabling him to acquire outright control and prepare iSite for its next phase of development,” he said. “I am delighted that Mark has achieved complete ownership of iSite and I look forward to working with him on the next phase of iSite’s growth.”
“Simon understands both my corporate and personal objectives and has had them perfectly in his sights throughout these transactions, providing me with timely pragmatic and unchanging advice throughout these strategic transactions for iSite,” said Mark Payne. “Having now obtained outright control, I look forward to continuing to work with Simon as my adviser on M&A and as he coordinates Price Bailey services to the iSite group in the years ahead”.