Private equity group Epiris‘s Fund II has acquired Time UK from US media group Meredith Corporation, a month after Meredith purchased the magazine publisher. The terms of transaction were not disclosed.
Time UK’s portfolio encompasses more than 50 well-known brands, including NME, Country Life, What’s on TV, Woman’s Weekly and Wallpaper, and operates across multiple platforms – print, online, mobile, TV and experiences.
The company is led by CEO and PPA Chairman Marcus Rich, who joined TIUK in 2014 from DMG Media. Sir Bernard Gray, who is Chairman of New Scientist and formerly Non-executive Director of Immediate Media and Chief of Defence Material at the Ministry of Defence, will become Executive Chairman.
Alex Fortescue, Managing Partner of Epiris, said, “This deal is a complex corporate carve-out of the type in which we specialise. The business itself offers plentiful scope for transformation through operational improvement and M&A. We are thrilled to have got Fund II off to such a strong start.”
Chris Hanna, partner at Epiris, said, “At its heart this is a diverse, robust and cash-generative business. We intend to bring clarity and simplicity to it, to focus on maximising the potential of its high-quality portfolio.”
UK, London & USA, Des Moines, Iowa
- Meredith Corporation completes acquisition of Time Inc. Posted on January 31, 2018
- Meredith Corporation to acquire Time Inc. Posted on November 26, 2017