Brave Bison agrees to acquire Social Chain Limited for £7.7 million

Brave Bison agrees to acquire Social Chain Limited for £7.7 million

LONDON, UK: Brave Bison Group (AIM: BBSN), the social and digital media company, has entered into a conditional binding agreement to acquire the entire issued share capital of Social Chain Limited.

The initial consideration for the acquisition consists of a payment of £7.7 million.

Part of the initial consideration will be funded by way of an oversubscribed vendor placing (the “Vendor Placing” or the “Placing”) to raise £4.75 million.

The price of the Placing at 2.3 pence per new ordinary share (the “Placing Price”) represents a discount of 3.4% to the volume weighted average price per ordinary share for the 60-day period ended 2 February 2023, being the latest practicable date prior to the date of this announcement.

Social Chain is one of the UK’s leading social media and influencer marketing agencies. It was founded in 2014 by Dragon’s Den entrepreneur Steven Bartlett and works with global brands such as Amazon, TikTok, KFC and Apple Beats to create social media advertising campaigns and perform influencer marketing services. Social Chain has a total headcount of 122 with offices in Manchester, New York and London.

The board of directors of Brave Bison anticipates that the Company will meet or exceed the current market expectations for the financial year ended 31 December 2022, in which revenue is expected to increase in excess of 30% year-on-year, and net cash is expected to be £6.2 million at year end.

Oliver Green, Chairman of Brave Bison, commented: “We’ve long admired Social Chain, which we believe is among the world’s best regarded social media and influencer marketing brands, and we’re excited by the highly relevant clients it brings into our business. Social Chain has huge potential for growth within Brave Bison, taking the momentum Pete and the team have built up using Steven Bartlett’s platform. We’re delighted to be taking this big step forward as we continue to build a media, marketing and technology company for the new era.”

Theo Green, Chief Growth Officer of Brave Bison, commented: “This strategic acquisition strengthens our position in the social media advertising space and gives Brave Bison a foundational office in the US. My brother and I are delighted to be participating in this placing, and we remain on the lookout for opportunities in the digital media, digital advertising and technology services ecosystems.”

About the author

Leave a Reply

Your email address will not be published. Required fields are marked *