Livingstone’s Media & Technology and Debt Advisory teams have advised Phoenix Equity Partners on its £95m buy-out of Capital Economics.
Capital Economics is one of the leading independent macro-economic research companies in the world. Its team of more than 60 experienced economists provide award-winning macro-economic, financial markets and sectoral analysis, forecasts and consultancy from offices in London, New York, Toronto, Singapore and Sydney. The business provides research subscriptions, data and events to approximately 1,500 global institutions.
Chris Neale, Partner at Phoenix, commented: “We appointed Livingstone because of their deep understanding of, and track record in, the information services space as well as their strong debt advisory capability. Their input was invaluable in helping us to execute an efficient and successful transaction for all parties.”
Capital Economics’ existing backer LDC, the private equity arm of Lloyds Banking Group, will exit its minority stake. The investment by Phoenix will allow Capital Economics to continue to accelerate its growth. Phoenix’s support will enable investments in new services and in technology to enhance and personalise client delivery. A number of potential acquisitions have also been identified.
Phoenix will work closely with CEO Bob Dowson and the Capital Economics team to achieve the growth plan. Roger Bootle will remain Chairman of Capital Economics and continue the same part-time role in the business. Chief Economist Jonathan Loynes will be stepping down later this year and Neil Shearing will be promoted to the Chief Economist role.
Richard Fetterman, Partner at Livingstone, commented: “We are delighted to have advised Phoenix on its investment in Capital Economics. It is an exceptional business with an unrivalled reputation for macro-economic insight and highly attractive quality of earnings due to its global base of loyal subscription clients.”
Bill Troup, Managing Director, Debt Advisory, at Livingstone, commented: “Capital Economics is a robust business with leading positions in the markets it serves. We are pleased to have arranged a very flexible debt package tailored to support Phoenix and the management team’s plan to grow the business to its full potential.”
“We appointed Livingstone because of their deep understanding of, and track record in, the information services space as well as their strong debt advisory capability. Their input was invaluable in helping us to execute an efficient and successful transaction for all parties.”