ISIS invests in MORI

ISIS Equity Partners plc (ISIS) is pleased to announce the management buyout of MORI, the UK's largest independent market research organisation, for £55m. The investment will allow MORI to build upon its exceptional track record both within the public and private sectors where it provides services to an impressive portfolio of clients. These services will continue to be delivered from MORI's network of four offices in the UK and one in Dublin.

For over 30 years MORI has carried out research projects across a broad range providing insight and historical context to public opinion on issues such as standards of living, corporate social responsibility and stakeholder management. These services will continue to be provided to a cross-section of clients within local and central government and industry in the UK, Ireland and abroad.

MORI's success in these markets is underpinned by its long established reputation together with its position as the leading independent player in UK market research.

MORI is headquartered in London and employs c. 400 staff in the UK and Republic of Ireland. Turnover in 2003 was c. £40m.

As lead investor, ISIS has been joined by Caledonia Investments plc, already an established investor in various ISIS funds and a key investor in the recently closed ISIS Equity Partners III Limited Partnership. The investors will be represented on the board of MORI by Adam Holloway of ISIS and William Wyatt of Caledonia.

Brian Gosschalk, Chief Executive of MORI, said: "We are very pleased to have achieved a deal which allows MORI to retain its independence and stay true to the values on which its success has been built. We will maintain the ethos that has made MORI a rewarding place for its staff to work and a reliable partner to its clients as we enter the next phase of our success together with ISIS."

Shani Zindel, ISIS Equity Partners, who led the transaction together with Liz Jones, said: "MORI is an exceptional business whose success is driven by a first rate team of people at all levels. We are excited about its future prospects and are confident we are investing in a strong platform for future growth."

The banking package was provided by the Royal Bank of Scotland, represented by Adam Querido and Jerry Wilson. ISIS Equity Partners were advised by KPMG Corporate Finance and KPMG Transaction Services.

Published: 10 March, 2004