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New Equity Partner, but Management Keep Most of MORI
UK agency MORI has announced that ISIS Equity Partners has taken a significant stake in the company, replacing 3i as principal equity partner in a deal that values the research agency at £55m. However, the stake is just under 50%, leaving control of the company with staff and an unchanged senior management team.
This secondary buyout follows the initial MBO exactly four years ago. ISIS, a leading mid-market investor in the UK with £440m of funds under management, becomes MORI's lead investor along with Caledonia Investments plc, an established investor in various ISIS funds. The parent company, ISIS Asset Management plc is listed on the London Stock Exchange and had £63.5bn of assets under management at 31 December 2003.
MORI says its strategy will be unaffected by the financial changes. The senior management team remains unchanged, with Brian Gosschalk as CEO, Mike Everett as MD, John Searle as CFO, Greg Smith running the private sector business and Ben Page heading the public sector practice. Robert Worcester remains chairman, and ISIS appointees will join the MORI Board.
According to Chief Executive Brian Gosschalk, 'We are very pleased to have achieved a deal which allows MORI to retain its independence and stay true to the values on which our success has been built. We will maintain the ethos that has made MORI a rewarding place for staff to work and an effective partner to our wide range of clients. We will also continue to pursue the strategy which has helped us grow both turnover and profit faster than any other major research organisation over the last four years since the MBO. I am delighted that our senior team are not only staying with the business, but also each one is reinvesting in MORI's future - a true measure of the confidence we have going forward'.
Chairman Robert Worcester paid tribute to 3i who 'backed MORI early in the game, and stuck with us for nearly 20 years, which is a remarkable time for any venture capital company'. 3i has held a stake in MORI since 1986.
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