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Together, avVenta training specialists and representatives of the Costa Rica Educational Department hold and administer all courses in Flash Design and other emerging technologies in avVenta University-one of the three avVenta, San Jose facilities.
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Merger Market
By CHRIS MARR, Wednesday, January 21st, 2009
Atlanta – "avVenta actively seeks buys with recent capital infusion, open to more advisor help", CEO says.
avVenta Worldwide, a digital media production company based in Mount Pleasant, South Carolina, "is looking at targets and could complete an acquisition this year", said CEO Jay Noce.
The business just sold a significant minority stake to private equity firm TZP Group for USD 20m, and Noce said the money will be used for expansion efforts including acquisitions. Ideal targets are other digital media companies with annual revenue of USD 5m to 20m, although avVenta could consider larger deals.
avVenta, which Noce founded in 2005, "had USD 20m of revenue last year and is projecting USD 35m to 40m this year, not including acquisitions. Areas that avVenta could strengthen through acquisitions include data analytics, high-end creative and rich media services, and technologies to automate ad-serving networks", Noce said. In addition to adding capabilities, the company could improve its geographic reach, such as buying a complementary business on the West Coast, in New York or in western Europe, particularly London. Noce is especially interested in companies that specialize in serving similar vertical markets, including financial services, automotive, travel and leisure, and media and telecommunications.
Noce used the boutique investment bankers Gridley & Company to help with its capital raise, and he said he "was impressed that they brought so much interest from both PE and strategic investors". He expects to continue relying on Gridley as well as TZP Group for M&A advice and said he is "open to help from other outside advisors". The company has used a couple of different law firms for advice. It uses Dixon Hughes for accounting and is constantly re-evaluating its advisors, Noce said.
As part of the investment deal, TZP added senior principal Daniel Galpern and managing partner Sam Katz to avVenta's board, with Katz as chairman. Galpern said TZP looked at 150 investments in the media space last year before settling on avVenta, and so he is confident that TZP can help avVenta identify good acquisition candidates.
With 550 employees, including a major production site in Costa Rica, avVenta is a leader in digital production for Internet-based ad campaigns and marketing materials. Noce said his goal is to see the company expand into a more full-service digital media provider, using its "near-shoring" production model to provide significant cost savings to customers. avVenta serves major Fortune 500 clients and has recently struck deals with Citigroup, Norwegian Cruise Lines, MTV and eBay. Long term, Noce aspires to grow avVenta into a global firm worth USD 500m to 1bn.
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