Private Equity firm August Equity has completed the exit of its investment in Imagine Publishing via a refinancing and buy back. The buy back generates a 2 times money multiple return for August Equity managed funds.
Imagine is one of the UK’s fastest-growing specialist consumer magazine publishers, with over 20 print magazines, 18 iPhone/iPad digital editions, and 27 websites published worldwide within the entertainment, computing, digital photography and videogames markets.
August Equity managed funds initially invested in Imagine in January 2006 when they provided £7 million expansion capital, enabling the management team to acquire a portfolio of magazine titles from Highbury Entertainment Limited. Since then the group has acquired a number of magazines, launched a host of their own titles and produced a bookazine range which has significantly contributed to the growth of the business.
Damian Butt, managing director of Imagine, commented: “The August Equity team has been very supportive throughout the investment period and contributed significantly to the growth of the business. However, we are excited to have bought back the August Equity stake and will continue to develop our magazine, bookazine and website portfolio.”
Richard Green, August Equity chairman, said: “We are delighted with the exit of Imagine. The business has continued to grow strongly in a difficult market and has provided a healthy return for our investors. The team is highly focussed and creative and will continue to drive growth in the business.
UK, London and Bournemouth, Dorset
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