Kin + Carta confirms £14 million sale of Hive
Kin + Carta has sold its healthcare communications business Hive to Fishawack Medical Communications and Fishawack Midco US Holdings. The disposal forms part of the final transformation of Kin and Carta into an integrated technology platform.
Originally a printing business based in St Ives, Kin + Carta has spent recent times undergoing an ambitious transformation programme to become a digital marketing business. The firm has offices across the UK, Europe, the US, South America, and Asia, and a global team of some 1,500 technologists, strategists and creatives. Over the last year, the group has further specialised by pushing into digital transformation services, providing advice that applies creativity, data, and technology to help clients invent, market, and operate new digital products and services. This process of realignment has continued with the news that Kin + Carta has sold its healthcare communications business Hive.
Comprised of The Health Hive Group and its subsidiaries and The Health Hive – including Spire Digital, which was acquired just over one year ago – the creative healthcare agency has offices in London and New York, and works to help clients improve communications, increase patient loyalty and improve health outcomes. Hive contributed net revenue of £6.5 million to Kin + Carta in the financial year ended 31 July 2020, as well as a profit before tax of £1.2 million and had gross assets of £9.1 million.
J. Schwan, CEO of Kin + Carta, said, “We are pleased to have found a buyer for Hive, which is a strong business but not aligned to our focus on the DX market. We are also thankful for the service of our Hive employees over the years. The proceeds strengthen our financial position and will allow us to make additional DX acquisitions. The contribution that Spire Digital has made since we acquired it just over a year ago, as well as the accelerated transformation to digital catalysed by the pandemic, confirm our belief that our focus on the fast growing DX market will drive value for our shareholders.”
Hive has been purchased by Fishawack Medical Communications and Fishawack Midco US Holdings – both part of Fishawack Health, a global commercialisation partner for the life science industry. The consideration receivable was settled in full in cash, and the net proceeds from the disposal of £13.8 million will be used to repay debt, as well as facilitating Kin + Carta’s ambitions to acquire businesses that complement its existing capabilities and grow its geographic reach.
