Business Post Group buys polling company Red C for €7m

The Business Post Group has bought Red C Research in a deal worth €7 million.

The polling and research consultancy company will join the group that includes the Business Post news title and its events and conference business, iQuest & Business Post Live.

Enda O’Coineen, publisher and chief executive of the group, said Red C would form “a key part of the expansion of the Business Post Group”, which the businessman acquired three years ago.

“We are delighted to have the opportunity to acquire Red C, an investment which we believe marks a significant step in the Business Post Group’s strategy to help lead the reinvention of the challenged Irish media landscape,” Mr O’Coineen said.

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The acquisition was funded by the group's existing capital providers: a shareholder group led by Mr O'Coineen, who is the majority owner, and Beachpoint Capital Partners.

Venturewave and FOD Solicitors were lead advisers for the Business Post, while LK Shields Solicitors were lead advisers for Red C.

Newspaper polling

The research company – which previously counted the Business Post as a long-term client, conducting political polls on the newspaper's behalf – will remain an independent entity within the group and will continue to be led by chief executive Richard Colwell and managing director Sinéad Mooney.

Red C, founded in 2003, has offices in Dublin and London and an international client list.

Mr Colwell said the company believed there were “huge opportunities” to expand in new markets and sectors as part of the Business Post Group, while Ms Mooney said Red C had been “delighted” to secure the political polling contract for the title soon after it was founded.

“The partnership has flourished over the years, and this is a further step in strengthening that relationship,” Ms Mooney said.

Colm O’Reilly, chief operations officer of the Business Post Group, said Red C would be central to the insights and data pillar of its business.