Tue, 21 Dec 2010 | MBO/MBI
Business-to-business magazine publisher Faversham House Group Ltd has undergone an MBO deal worth £4 million.
Matrix Private Equity Partners has injected £1.75 million into Faversham and is to acquire a small stake. The deal was led by Chris Price, an investment manager at Matrix, who is to become a director at Faversham.
Peter Counsell, director at Meta Corporate Finance, also played a part in the deal, advising on the business plan, marketing and discussions with other shareholders.
Mr Counsell said, “Faversham is a highly regarded business that is well-placed to capitalise on the growth opportunities available in its sectors.”
Faversham, based in Croydon, Surrey, publishes magazines including DIY Week, Heating & Ventilating Review, Utility Week and edie.net, the largest environmental website in Europe.
Vic Gould established the business in 1960 and the senior management and staff includes four other members of his family. Today the firm has over 100 employees and revenues in the region of £10 million.
Chief executive Amanda Barnes, who is to run the business with directors Chris Traynors and Carl Myers, is confident in the firm's future growth plans, which is to grow organically and through a programme of planned acquisitions.
“The deal allows more flexibility to take considered risks. We’ll be taking much more of a market approach than a media approach, looking at what our markets want and delivering information in the most appropriate manner, whether in print, online or via mobile or other digital media” Barnes said.
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