NEW YORK — New Mountain Capital and Vestar Capital Partners today announced the signing of a definitive agreement through which Vestar will lead a new investment in Information Resources, Inc. (IRI). IRI has been a New Mountain portfolio company since 2011. Terms of the agreement, which is expected to close in the fourth quarter of 2018, were not disclosed. Post-transaction, New Mountain and Vestar will jointly govern IRI.
IRI is a fast-growing, innovative, global provider of data and predictive analytics that help fast-moving consumer goods, over-the-counter health care, retail, financial services, and media companies accelerate growth. Jeffrey Ansell, a Vestar senior advisor and IRI board member since 2011, will serve as chairman of IRI. New Mountain and other existing investors are retaining a meaningful investment in IRI.
“The IRI management team, led by chief executive officer Andrew Appel, has a proven track record of partnering with clients to leverage data, technology, and cutting-edge ideas to help achieve better business results,” said Ansell. “Working with Andrew and this talented management team, as well as with New Mountain and Vestar, we can continue to realize the strong client impact and value creation potential of this business.”
“Since New Mountain invested in IRI, we have transformed our business through significant investments in leading-edge technology and built a partner network of more than 100 companies,” said Andrew Appel, chief executive officer of IRI. “We’re excited about the new relationship with Vestar, which will further strengthen IRI’s ability to provide superior client service, particularly given Vestar’s experience in consumer goods, data and information technology. With the additional support, IRI will have even more resources at our disposal to help clients deliver profitable revenue growth.”
“IRI’s accelerating top-line performance, long-term customer relationships, and stable margins make for a highly attractive financial profile,” said Norm Alpert, co-president of Vestar. “IRI’s sophisticated data and predictive analytics offerings are unique and the value to clients has been proven again and again. We see meaningful upside through continued improvement and investment in innovative insights for clients as well as expansion both organically and through strategic acquisitions.”
“We are confident in the tremendous growth prospects for this business,” said Mat Lori, managing director at New Mountain. “With the ‘Liquid Data’ family of solutions enabling its blue-chip customer base to drive growth most effectively, connect with customers, and capture greater market share, our conviction in the long-term value creation potential for IRI remains strong.”