KVH Industries Inc. (NasdaqGS:KVHI) acquired Headland Media Limited from Oakley Capital Private Equity L.P., fund owned by Oakley Capital Investments Limited (AIM:OCL), Mark Woodhead, Andrew Michael Galvin and the trustees of the Headland Media Limited Employee Benefit Trust for $24 million on May 11, 2013. The purchase price is subject to a potential post-closing adjustment based on the value of the net assets delivered at the closing. The share purchase agreement provides ... that 10% of the purchase price shall be held in escrow for a period of at least 18 months after the closing. KVH Industries financed the transaction from its cash on hand and proceeds of $23 million from its existing credit facility from Bank of America, N.A. In 2012, Headland Media generated revenue of $12.2 million. The transaction is anticipated to be accretive to KVH earnings per share in 2013. James McKay, Richard Adair, Grace Higginson, Robert Wegenek, Nessa McGill and Imogen McCarthy of Squire Sanders (UK) LLP acted as a legal advisor to KVH Industries Inc. Dominic Lush of Schofield Sweeney LLP acted as legal advisor for sellers. Steve Pearce and Steven Tredget of Liberum Capital Limited acted as financial advisor and Edward Bridges and Emily Hartman of FTI Consulting acted as public relations advisor for Oakley Capital Investments Limited.
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