Epiris, the UK private equity firm, is pleased to announce the sale of TI Media, one of the largest consumer magazine and digital publishers in the UK, to Future Plc for £140 million. The sale, which remains subject to regulatory consent, would be the first major realisation from Epiris Fund II and is expected to close in early 2020. Returns to Epiris Fund II are expected to be 2x cost, a 50% IRR.
TI Media’s brands include well-known titles such as TV Times, Country Life, Decanter, Woman's Weekly, Wallpaper* and Ideal Home and reach 11.7 million UK adults monthly across print and digital editions. Epiris acquired TI Media, formerly Time Inc. UK, from Meredith Corporation in March 2018. The company rebranded shortly after and has since embarked on a transformation which has brought strategic clarity and improved operational and financial performance. TI Media sold its portfolio of comic titles to Rebellion Developments in September 2018 and its music titles, including NME.com, to BandLab Technologies in May 2019.
Chris Hanna, Partner of Epiris, said:
“This investment showcases Epiris’ transformative approach. We have repositioned TI Media’s portfolio and put in place brand strategies which have created the conditions for growth in key areas. This is part of the broader strategic and operational simplification of the business which was integral to our original investment thesis and which we have achieved within a short timeframe.”
Alex Fortescue, Managing Partner of Epiris, said:
“We are thrilled to announce the first realisation from Fund II. We acquired TI Media in a complex corporate carve-out and have since focused on implementing a transformation plan based on the Epiris toolkit of strategic focus, operational improvement and M&A. This has allowed us to achieve a strong return in less than two years.”
Marcus Rich, CEO of TI Media, said:
“Epiris’ expertise has been invaluable in bringing direction and momentum to TI Media’s transformation journey. Future is a business that shares our vision for growth and innovation, and I am confident that TI Media’s portfolio of iconic brands will continue to thrive as part of the Future family.”
Epiris is advised by Macfarlanes and PwC.
For Epiris LLP please contact:
Katarina Sallerfors, Matthew Goodman, Daniel Oliver
+44 (0)20 7952 2000
Epiris is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. It targets control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.
Between 2011 and 2016 Epiris invested £1 billion in buyouts and loan-to-own debt investments in respect of which it has delivered a gross IRR of 38%*. Synthetic net returns from this portfolio are in the top-decile of European private equity funds of comparable vintages.
Epiris Fund II is an institutional private equity fund raised in 2017. Investments made by Fund II include Portals, one of the world’s leading manufacturers of “substrate” for banknotes; TI Media, one of the largest consumer magazine publishers in the UK; The Club Company, the UK’s largest country club operator; Bonhams, the global auction house; and Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications. In August 2019 the Fund completed a recommended cash offer for IFG Group plc, a financial services holding company whose subsidiaries are James Hay, which provides pensions administration and investment platform services, and Saunderson House, an independent wealth manager and financial adviser.
For further information, please visit www.epiris.co.uk.
Issued by Epiris which is authorised and regulated by the Financial Conduct Authority.
*As at 30 June 2019. Gross IRR does not reflect adjustments for investment management and administration costs. Comparator data supplied by Preqin. Past performance is no guarantee of future results.