Neil Thackray and Rory Brown, the founders of Briefing Media Ltd, are to acquire UBM‘s UK agriculture and medical general practitioner portfolios – including the Farmers Guardian and Pulse titles – for a total cash consideration of £10 million (subject to a working capital adjustment at completion). The new business will be known as Briefing Media Group. It is funded by GCP Capital Partners, a mid-market private equity fund.
The agriculture portfolio – comprising the Farmers Guardian and Dairy Farmer titles and their associated online offerings – is based primarily in Preston and employs 57 staff.
The London-based general practitioner portfolio employs 33 staff and includes the Pulse and Practical Commissioning magazines and their digital and event products NAPC, the Mental Health Forum, Pulse Seminars, as well as Pulse Learning.
Commenting on the deal, Neil Thackray said, “When we founded Briefing Media we had a vision for creating a vibrant new business to business media company. This acquisition gives us both the scale and market opportunity to accelerate that ambition. We are delighted to be acquiring assets with such excellent pedigrees and reputations in important business markets and to be working with GCP Capital Partners. This will be the first but not the last acquisition we plan to make.”
The transaction is expected to close in the next four to six weeks. In total, these assets generated revenues of £12.1 million in 2011.
UBM has retained ownership of the Cropworld conference and the Chemist & Druggist magazine and data product portfolio.
Briefing Media article – A new chapter begins today for Briefing Media
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