Media and events company, the Mark Allen Group (MAG), has begun spending some of its new £18m (US$22.55m) of funding from HSBC as it ramps up its acquisition strategy.
Some of that bank debt has been recently used on the acquisition of Centaur’s engineering portfolio and 12 international transport brands from UKi Media. Analysts have suggested the new assets could increase the firm’s turnover by 15%.
MAG founder Mark Allen has commented: “Our acquisition strategy has seen us add multiple high-value brands to our repertoire and we are delighted to now include 12 titles from UKi within this, as well as Centaur’s engineering portfolio.
“We already have a strong presence within the aviation and engineering sectors and these brands are great additions, which will open up new avenues for us.”
Victoria Ritchie, HSBC UK’s Head of Corporate Banking for the City of London, said the bank was “delighted to have been able to support the Mark Allen Group with its most recent acquisitions, which sees the number of brands it owns at nearly 100.
“Mark Allen is growing its portfolio of brands at an exciting rate and the additional funding provided will facilitate further purchases.”