Closing Date: 12/06/2007
Acquired by TNS Global | Industry: Consulting | Sub-Industry: Advertising
Landis Strategy and Innovation, LLC is a US-based new product development specialist. Cross Keys Capital served as the exclusive advisor to the Company in its 2007 sale to TNS Global. At the time of the transaction, there were two Shareholders with whom Cross Keys worked closely, including the son of the founder of the Company. Landis maintained an impressive Fortune 200 client base and was growing nicely at the time. Cross Keys was able to run a competitive process that yielded multiple offers with over 60% cash consideration and a 3-year earn-out.
David Lowden, Chief Executive of TNS, said: “New product development is a key business area for TNS and we are one of the world’s biggest players in this area. Landis is a top product innovation firm and this acquisition gives us full coverage in our new product development operations in our North America Custom business and elsewhere in the world. It will allow us to deliver additional insight to clients, especially in our Consumer and Healthcare sectors where TNS serves many of the world’s leading names, I know our clients will welcome the more comprehensive guidance we can now provide in generating new product ideas and applying innovation to products and brands.”
Landis serves clients in consumer products, financial services, food and beverage, hospitality, food service, travel and gaming, pharmaceuticals and consumer healthcare, consumer services, media and publishing. Established for over 30 years, and based in Florida, the business is run by Co-Chairmen Steve Landis and Robert Posten, both of whom have distinguished careers in market research and innovation and remain in the industry.
Robert Posten, one of the Landis Shareholders, commented: “I was burned out and only had 3 more strong years in me, so the time to hire Cross Keys Capital was perfect. We earned all 100% of the available proceeds, including the full 3-year earn-out. The transaction was perfectly structured by our CFO, Chuck Coleson, and Cross Keys. Allowing Steve and I to fully maximize on 30 plus years of exceptional work. And the partner match identified by Cross Keys was just perfect as well. Steve Landis is still working there today in an executive capacity eight years after the deal closed.”