TOMORROW FOCUS AG sells EliteMedianet GmbH to Oakley Capital Private Equity

Ad hoc announcement - Munich, Germany, 8 June 2015, 17:22 CET - TOMORROW FOCUS AG has agreed to sell EliteMedianet GmbH, which operates the premium online dating agency ElitePartner. The purchaser is THMMS Holding GmbH, a subsidiary of Oakley Capital Private Equity II. The takeover of EliteMedianet GmbH by Oakley Capital Private Equity is subject to approval under anti-cartel legislation. The sale allows TOMORROW FOCUS AG to drive forward its focus on digital, transaction-based business models, especially in the travel sector.

The sale of EliteMedianet GmbH is expected to generate a total of EUR 23.3 million for TOMORROW FOCUS AG based on an anticipated sale price of EUR 22.0 million. An amount of EUR 14.8 million is payable on completion of the sale. TOMORROW FOCUS AG will provide a loan with a term of up to two years to cover the remaining sum of EUR 7.2 million. On scheduled repayment of this loan at the end of the term, TOMORROW FOCUS AG will also receive interest due of up to EUR 1.3 million. At Group level, the sale of EliteMedianet GmbH will produce an estimated loss of around EUR 2 million and will necessitate a valuation adjustment of EUR 3 million to deferred taxes on loss carryforwards. In TOMORROW FOCUS AG's single-entity financial statements based on the German Commercial Code (Handelsgesetzbuch, HGB), the sale will generate a book profit of around EUR 1 million.

Subject to approval under anti-cartel legislation, the sale is expected to close in the third quarter of 2015.

ElitePartner is one of the leading online dating agencies in the German-speaking region of Europe. The company is based in Hamburg, Germany, and has a workforce of around eighty. In the financial year 2014, EliteMedianet GmbH generated revenue of around EUR 28 million and EBITDA of EUR 2.6 million.

London-based Oakley Capital acquired Parship GmbH, which operates an online dating agency by the same name, in April 2015.