Boston Ventures has agreed to sell Marshall & Swift/Boeckh (MS/B) to global information company MacDonald, Dettwiler and Associates (MDA) for $250 million (€210 million) in cash.
The transaction includes the assumption of bank debt and other liabilities by MDA, estimated at approximately $30 million (€25 million), with an additional payment of up to $90 million (€76 million) based on MS/B’s 2005 financial performance, according to a statement.
Boston Ventures originally invested in Marshall & Swift – a supplier of residential and commercial property information and technology to the US property insurance sector – back in 2000 for an undisclosed amount. In 2001, the company merged with EH Boeckh, a provider of similar products and information.
According to the statement, MS/B currently generates approximately $70 million in annualized revenues and has grown at a compounded average rate in revenues and earnings of more than 15 percent.
Last May, Boston Ventures teamed with UK-based Legal & General Ventures to acquire the UK operations of the Warner Village Cinema Group in a deal that was estimated to be worth approximately £225 million. The purchase was another step in the further consolidation of the UK cinema marketplace.