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Highlights
Brave Bison acquires MTM London for up to £12 million, with initial consideration of £6 million.
Acquisition expected to lift pro-forma FY25 net revenue to £44 million and adjusted EBITDA to £9.4 million.
FY25 trading ahead of market expectations, with upgraded FY26 Board outlook.
Brave Bison (LSE:BBSN), the marketing and technology partner for global brands, has acquired the entire issued share capital of MTM London Limited (MTM). The transaction involves an initial cash-and-share consideration of £6 million, with further payments potentially taking the total deal value to £12 million.
The initial consideration comprises £5 million in cash and £1 million in shares. Additional deferred and contingent payments, subject to business performance and continuing employment, could bring the final figure to £12 million over five years.
Impact on Financials
On a pro-forma basis, the acquisition is expected to increase Brave Bison’s net revenue for FY25 to £44 million, compared to £21.3 million in FY24. Adjusted EBITDA is forecast to rise to £9.4 million from £4.5 million in the prior year.
The transaction is also projected to boost pro-forma adjusted basic EPS by 13% in FY25, representing a 38% increase since FY24. Brave Bison’s net debt at the end of FY25 is expected to be between £4 million and £5 million, approximately 0.5x pro-forma EBITDA.
About MTM
MTM is a strategy and insights consultancy working with global companies including Google, Figma, Samsung and Spotify, alongside sports rights holders such as Formula E and the England and Wales Cricket Board (ECB).
The consultancy provides commercial strategy and audience insight through qualitative and quantitative research. MTM also operates proprietary tools, including data platform 3 Reasons, the HEART growth framework for digital services, and a developer network that has surveyed around 6,000 technical professionals over the past three years.
In FY24, MTM reported net revenue of £8.3 million, adjusted EBITDA of £1.3 million, and profit before tax of £0.7 million. For FY25, it is expected to deliver £7.9 million in net revenue and £1.3 million in adjusted EBITDA.
Transaction Structure
The deal structure includes initial share consideration of 1.6 million new ordinary shares issued at 62.5 pence per share, alongside deferred consideration of £2 million in shares payable in three years. Contingent consideration of up to £4 million over five years is linked to MTM’s EBITDA performance.
Additionally, 500,000 share options at a strike price of 62.5 pence have been granted to senior MTM management team members not materially participating in the contingent payments.
Trading Update
The Board has upgraded expectations for FY26, supported by the acquisition and recent customer wins including Primark, EQT, Tottenham Hotspur FC, EA Games and Guinness World Records.
The company will fund the acquisition through its revolving credit facility and existing cash resources. Integration plans include centralising overheads in areas such as property, finance, HR, marketing and IT, with cost savings expected to contribute further to profitability.
