Better Collective acquires Swedish sports media brands16th August 2023 10:03 am GMT
Better Collective is expanding its presence in Sweden through the acquisition of four sports media brands from Everysport Group for a total purchase price of €3.7 million.
The acquired brands - SvenskaFans.com, HockeySverige.se, Fotbolldirekt.se and Innebandymagazinet.se - attract a combined nine million monthly visits from Swedish sports fans.
The purchase price will be paid in three instalments using available cash.
“An important pillar in Better Collective’s strategy is to acquire leading national sports media with strong brands and a loyal and returning following,” said Better Collective CEO Jesper Søgaard. “That’s why these sports media brands fit perfectly into our portfolio. We expect the media to deliver additional growth for our business in Sweden, adding to our leading market position within affiliation and expansion towards general advertisement.
“We are very excited to bring onboard one of the strongest sports news teams in Sweden and make them part of Better Collective. With our vision to become the leading digital sports media group, we want to be the go-to partner for any brand wanting to gain exposure and engagement among sport fans. This acquisition takes us one step further on that journey. “
Everysport Group CEO Hannes Andersson commented: “We are proud to have developed the websites into some of Sweden's largest news media in their respective sports. In addition, we have successfully commercialized the brands and in all cases also turned a negative financial development into good profitability.
“Today's deal confirms Everysport's digital innovation and execution capabilities and is a logical next step for both the brands and the Group. We are convinced that Better Collective is a strong and long-term owner who will continue to develop the brands in a meritorious way. We wish both them and the employees all the best."
Better Collective estimates that the post synergy 2024 EBITDA multiple will be below 3x. The company’s 2023 financial targets remain unchanged following the acquisition.
Shares in Better Collective A/S (STO:BETCO) were trading 4.84 per cent lower at SEK245.50 per share in Stockholm Wednesday morning.