The UK-based Pageant Media has acquired the Hedge Fund Alert (HFA) subscription service from financial advisory and information group Green Street. HFA subscribers pay some $5k to “Leverage fresh intel on discreet developments to anticipate industry risks and opportunities. This weekly publication conveys the earliest look at key dealings and intelligence in the hedge fund arena.”
HFA has been published for 20 years and claims to have some 10k users. Terms not disclosed but, given the estimated revenue of $5m and EBITDA of $2m, it is believed the consideration is some $20-22m in cash.
The deal, which cements Pageant’s claim to be the leading provider of hedge fund data and intelligence, is the company’s fourth acquisition since February 2020 when Intermediate Capital Group bought majority control in a deal which is believed to have valued the company at £145m – some 15 x EBITDA. Pageant Media was expected to have made EBITDA of £9.5m on revenue of £32m in 2019-20 – some 60% revenue growth in two years.
