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Boston, MA -- March 15, 2006 Boston Ventures announced that the sale of Marshall & Swift to MacDonald Dettwiler & Associates has been completed today with the receipt of US$90 million, representing the full realization of the earnout. Marshall & Swift was sold to MacDonald, Dettwiler & Associates for a fixed cash payment of US$250 million plus the assumption of bank debt and all other liabilities by MDA (estimated at approximately US$30 million) with an additional payment of up to US$90 million, based on Marshall & Swift’s 2005 financial performance.
Commenting on the completion of the transaction, Andrew C. Davis, a Managing Director of Boston Ventures, said, “We are proud of the management team’s focus on operating the business last year and are pleased that their efforts enabled us to realize the full earnout amount. Marshall & Swift is one of the most successful investments in Boston Ventures’ 23-year history and further validates our strategy of partnering with strong management teams in acquiring information businesses that provide proprietary, need-to-know information products to large industries.”
Bob Dowdell, retired CEO of Marshall & Swift, added, “This is a great result for MacDonald Dettwiler, our employees, and our investors. Using the partnering approach that Boston Ventures, particularly Andy Davis, brought to this new enterprise, we built a terrific company at Marshall & Swift. With Boston Ventures as our partner, we transformed the business over a short period of time through investment in new data-driven electronic products and services and a highly accretive strategic acquisition. Essentially, what had been largely a long standing print based company was transformed into a powerful software and data analytics enterprise that became invaluable to its clients in property insurance, tax assessment and property lending evaluations. We wanted a buyer that really appreciated what we had done, what we intended to do, and what our people were about. When MacDonald Dettwiler came along, I felt that we had found the right buyer. Boston Ventures, being the kind of people they are, did everything reasonable to protect the interests of their investors and facilitated the sale.”
About Boston Ventures Management
Boston Ventures Management is a private equity firm that has been an active investor and financial partner to management teams in the media, business information, entertainment, and communications sectors since 1983, earning the firm a franchise position in the private equity community. Boston Ventures’ Managing Directors and Partners are accomplished and experienced professionals who have a diverse and complementary range of skills and a broad network of domestic and international relationships. Some of Boston Ventures’ investments in their 23-year history have included News Corporation, National Enquirer, Survey Sampling, CAMP Systems, River City Broadcasting, Six Flags Amusement Parks, Marshall & Swift, Panavision and Motown Records. www.bostonventures.com
For More Information, Contact:
Tim Smith
Boston Ventures Management, Inc.
Ph: 617-350-1530
About Marshall & Swift
Headquartered in Los Angeles, Marshall & Swift is the largest supplier of residential and commercial property valuation solutions to the property and casualty insurance sectors in North America. MS/B information solutions help property and casualty insurance companies determine insurance coverage amounts, identify underinsured properties, and estimate and analyze claims. More information on MS/B can be found at www.msbinfo.com.
For More Information, Contact:
Bob Dowdell
Marshall & Swift
(800) 421-8042
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