RE: RE: RE: RE: RE: RE: hmmmmm Chuck:
Re YPG USA, I am unclear exactly what that amounts to. There is the stake in ziplocal which I understand was written down to zero in the early part of 2011. YPG USA "contributed" it's print directory operations in pennsylvania, serving the mid-atlantic states, to ziplocal per the excerpt below in 2010 around the same time canpages was acquired.
As to what's left:
"YPG will continue to fully own and operate its information technology platform and centers of excellence located in Blue Bell, Pennsylvania and Indianapolis, Indiana."
To be quite honest, I'm not sure WT F that means in terms of actual asset value :-). I get the sense that the US operations, including Zip Local, were a major botch up during the acquisition spree days and the mess is still being cleaned up. Others who were tracking YLO in those days might have more insight. From what I've been able to glean about US operations, they seem to be over-extended and if they can sell off what's left and get some value back, it would probably make a lot of sense to do so.
Here is the PR excerpt from 2010.
"In addition to the Canpages acquisition, YPG announced the contribution of its U.S. directory operations, YPG Directories, LLC, publisher of Your Community Phone Book (“YCB”), to Ziplocal, LP. YCB is the publisher of independent directories in selected Mid-Atlantic and Southeast American markets and was acquired from Volt Information Sciences, Inc. in September 2008. Ziplocal is a leader in providing an innovative source of information for the businesses and communities it serves. The company operates ziplocal.com, and once the two entities merge, Ziplocal will reach over 300 markets across the United States.
“We are excited about acquiring YCB, a company that provides top-quality local search services,” added Vincent, who is currently and will remain the Chief Executive Officer of Ziplocal. “We welcome YCB’s outstanding team to the Ziplocal family and look forward to working with them to provide their customers the full breadth of local search options - print, online and mobile.”
“We want to thank the team at YCB for their commitment to delivering solid results,” added Tellier. We have found a great platform and partner for them to grow within the U.S. directory industry. The combined business will have increased scale to meaningfully invest in digital product innovation.”
Peter Brodsky, a Partner at HM Capital Partners, said: “Canpages has been a successful investment for our firm and the business is well positioned for significant future growth as part of YPG’s platform. We are excited about our new partnership in the U.S. with YPG in Ziplocal.”
YPG will continue to fully own and operate its information technology platform and centers of excellence located in Blue Bell, Pennsylvania and Indianapolis, Indiana."