Mediagrif announces acquisition of LesPAC
LesPAC.com is Quebec’s number one classified web site. It reaches 1.8 million unique visitors per month, attracting national and local advertisers. With a strong community of 780,000 members, LesPAC.com ranks amongst the most visited web sites in Quebec, all categories included.
"We are thrilled to have the LesPAC team join the Mediagrif family” said Claude Roy, President and Chief Executive Officer of Mediagrif. “This acquisition of LesPAC represents a unique opportunity for Mediagrif to partner with one of Quebec’s most visited website. This transaction will bring new opportunities given LesPAC’s strong brand and established on-line marketplace for consumers. In addition, we are pleased to partner with Yellow Media Inc. to deliver additional services to our users”.
The acquisition is financed through Mediagrif’s $25 million cash on hand and committed term debt financing of $40 million. In addition, Mediagrif has put in place a revolving credit facility of $20 million. “This financing provides Mediagrif with the financial flexibility allowing it to execute on its business plan and continue its growth” said Claude Roy. The transaction is expected to be immediately accretive to Mediagrif’s net earnings. National Bank Financial Inc. is acting as exclusive financial advisor to Mediagrif and as Lead Arranger on the debt financing in a syndicate also including The Bank of Nova Scotia.
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) delivers innovative e-commerce solutions to businesses since 1996. Its web platforms enable clients to find, purchase and sell products, exchange information, gain access to business opportunities and manage supply chain collaboration with greater speed and efficiency. Mediagrif provides e-commerce solutions in the fields of electronics components, computer equipment and telecommunications, medical equipment, automotive aftermarket, wine & spirits, diamonds and jewelry, retail markets and government opportunities. Headquartered in Longueuil, Mediagrif has offices in North America and Asia. For more information, please visit us at www.mediagrif.com.
This press release contains certain forward-looking statements with respect to the Company. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by these forward-looking statements. We consider the assumptions on which these forward-looking statements are based to be reasonable, but caution the reader that these assumptions regarding future events, many of which are beyond our control, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect us. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation. All amounts are in Canadian dollars.
For further information:
Chief Executive Officer
Tel.: (450) 449-0102 ext. 2004
Toll Free: 1 877 677-9088 ext. 2004
Chief Financial Officer
Tel.: (450) 449-0102 ext. 2135
Toll Free: 1 877 677-9088 ext. 2135