MeteoGroup Partners with Global Growth Investor, General Atlantic
December 16, 2013
MeteoGroup, Europe’s leading weather data and forecasting business, is pleased to announce that global growth equity firm, General Atlantic LLC (“GA”), has signed an agreement to acquire MeteoGroup from PA Group.
Founded in 1986, MeteoGroup is one of the major largest weather companies in the world with almost 400 employees. It is a full-service weather business utilising global weather data, proprietary technologies and skilled meteorologists to create bespoke forecasts. This cutting-edge forecasting is delivered to customers in corporate, industrial, media and consumer markets as tailored products and sophisticated decision support tools – not just informing the customer what the weather will do, but what it means for their business.
Jennie Campbell, CEO of MeteoGroup, said: “General Atlantic will be an excellent value-added partner for MeteoGroup given its strong track record in growth equity investing, unrivalled global reputation and expertise in the data industry. We are delighted to have them on board as we continue to deliver the next phase of growth, based on our core technology platform, delivering weather forecasts, support, monitoring and consultancy services 24 hours a day.”
John Bernstein, Managing Director at General Atlantic, said: “MeteoGroup is another example of a fast growth European business with global reach, creating innovative new products and services in the weather data and forecasting industry. MeteoGroup combines world-leading forecasting technology and products with a highly talented international management team. We are impressed with the achievements of Jennie and her team and are excited to contribute our strategic support and long-term partnership approach to further MeteoGroup’s development and global expansion.”
Clive Marshall, CEO of PA Group, said: “Since our first investment in MeteoGroup in 2005, the business has enjoyed consistent double digit growth in both revenue and profits. MeteoGroup is now the largest commercial weather business in Europe. Under the ownership of General Atlantic, MeteoGroup will have access to the additional skills, expertise and capital that will enable them to become a truly global force in the provision of weather services.”
MeteoGroup has a global customer base and operations in 11 European countries, the USA and Southeast Asia. The company has also developed WeatherPro, Europe’s leading paid-for weather app, and MeteoEarth, an app displaying live and forecast weather on a stunning 3D, interactive globe.
General Atlantic is a global growth equity firm which provides capital and strategic support to help build leading growth companies worldwide. It has $18 billion of capital under management and has more than 80 investment professionals globally. GA’s European team has invested in some of the leading UK headquartered international growth companies such as MeteoGroup, Markit, Hyperion and FNZ to help them become global market leaders.
As a result of the transaction, John Bernstein, Managing Director of General Atlantic in Europe, and GA Vice President, Lucia Rigo will join the Board of MeteoGroup. The transaction is subject to regulatory approval.
MeteoGroup and PA Group were advised by Portico Capital Securities Limited and Taylor Wessing LLP on the transaction. General Atlantic was advised by Weil, Gotshal & Manges LLP, Ernst & Young LLP and L.E.K. Consulting LLP.
MeteoGroup is Europe’s largest private sector weather business. MeteoGroup has a worldwide customer base and operations across Europe, in Southeast Asia and the USA.
MeteoGroup is a full-service weather business supplying tailored products to corporate, industrial, media and consumer markets. Founded in 1986, the company has an unrivalled reputation for quality and innovation in weather forecasting. Expert meteorologists provide forecasts, support, monitoring and consultancy services 24 hours a day, 365 days a year. In addition, a dedicated weather modelling team continuously develop MeteoGroup’s in-house systems and forecasting techniques.
Offices are located in Belgium, France, Germany, Ireland, Italy, the Netherlands, the Philippines, Poland, Singapore, Spain, Sweden, Switzerland the UK and the USA.
PA Group Limited
Headquartered in London, PA Group is an international group of news, information and communications businesses which includes the Press Association – the national news agency of the UK and Ireland.
PA Group has 27 shareholders, most of whom are UK national and regional newspaper publishers. The biggest shareholders are dmg media Limited, News UK plc, Trinity Mirror plc and United Business Media plc.
About General Atlantic
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. GA combines a collaborative global approach, sector specific expertise, long-term investment horizon and a deep understanding of growth drivers to partner with great management and build exceptional businesses worldwide. Established in 1980, GA manages $18 billion in capital under management (comprised of total committed capital and portfolio investments) and has more than 80 investment professionals based in Greenwich, New York, Palo Alto, São Paulo, Amsterdam, London, Munich, Beijing, Hong Kong, Mumbai and Singapore. For further information and a listing of GA’s public and private portfolio companies see www.generalatlantic.com.