Palamon Capital Partners acquires Eneas Energy AS for NOK 375 million

October 11, 2010 — Fusion DigiNet

Private Equity firm Palamon Capital Partners, has acquired a majority stake in Eneas Energy AS in a transaction valued at NOK 375 million.

Eneas is the leading supplier of corporate energy services in the Nordic region, generating revenue approaching NOK 700 million during 2010. It provides a range of services aimed at reducing energy costs for the SME sector as well as large corporate and public authorities. The Company employs 350 staff in its operations based in Norway, Sweden and Germany and serves approximately 10,000 customers. Eneas has achieved a 60% compound annual growth rate since 2000. The Company is now targeting further growth by broadening its reach both through developing a wider product range and expanding geographically, which will be facilitated through the strategic support of Palamon.

The business was co-founded in 1995 by CEO, Thomas Hakavik, and sold to Statoil in 2001. In 2005, Mr Hakavik led a group of private investors to buy the company back from Statoil. In the current transaction, Palamon will replace the private investors and the Company’s existing debt facilities will be rolled over. Mr Hakavik and his team will continue to lead the Company through its next phase of growth and remain significant shareholders.

Commenting on the transaction, Erik Ferm, Partner at Palamon Capital Partners, said: “Eneas has shown phenomenal growth over the last ten years and is now established as a leading player in Scandinavia. We have considerable experience in helping companies to grow internationally and in Eneas we see a company with the right credentials to achieve this.”

Dan Mytnik, Principal at Palamon Capital Partners, commented: “We are delighted to be partnering a company with such a strong management team and a business with clear potential for growth. We look forward to working with Thomas and his team to take the business to the next level.“

Thomas Hakavik, CEO and founder of Eneas said: “We continue to see exciting opportunities and therefore it was important to us to partner with a firm that could share our vision of expansion and has the capital to back further expansion. We look forward to our partnership with Palamon, which is an experienced pan-European player, and we are confident that it is the perfect partner for this next stage in our development.”

UK, London & Norway, Lier

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ITV plc sells Screenvision assets to Shamrock Capital for US $80m

October 11, 2010 — Fusion DigiNet

ITV plc has reached agreement with Shamrock Capital Growth Fund II, a leading, US-based private equity fund focused on media, entertainment and communications investing, to sell its 50% stake in Screenvision for a cash consideration of US $80m. Completion of the transaction is subject to US Hart Scott Rodino anti-trust clearance.

Commenting on the transaction Adam Crozier, Chief Executive of ITV plc, said:

“This is another important step for ITV as we progress our transformation plan to focus the business on its core objectives of UK multi-platform broadcasting and global content. The proceeds of this sale will positively impact our net debt which decreased by £175m in the six months to 30th June 2010.”

UK, London & USA, New York, NY

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A Fusion Deal: IPC sells Model Collector and Stamp Magazine to MyHobbyStore.com

October 11, 2010 — Fusion DigiNet

IPC Media has confirmed the sale of two further niche and specialist titles, Model Collector and Stamp Magazine to MyHobbyStore.com

Model Collector, the UK’s best-selling die-cast title, offers the avid collector all the essential knowledge to get the most out of their hobby. Accessible, informative and entertaining, Stamp Magazine offers essential information on all aspects of stamp collecting. It features news from the world of philately, auctions and exhibitions and the latest issues and valuable errors as well as readers showcasing their collections.

The deal sees MyHobbyStore acquire the brands – currently published within the IPC Inspire portfolio – with immediate effect. There will be no interruption to the publishing schedule of either title.

MyHobbyStore publishes some of the best known specialist hobby magazines in the UK, including popular titles such as RCM&E, Model Engineer, Model Boats and Good Woodworking.

IPC Inspire managing director Paul Williams says: “MyHobbyStore is a publisher which is passionate about hobbies: the perfect new home for Model Collector and Stamp Magazine. My personal thanks go to both teams for all of their hard work, particularly over the course of the strategic review and acquisition negotiations. They have done a fantastic job and I wish them all the very best for the future.”

MyHobbyStore CEO Owen Davies adds: “Stamp and Model Collector are wonderful additions to our growing portfolio of special interest hobby magazines. Our plan is to grow these sectors by developing online communities and e-commerce opportunities on our leading edge technology platform.

Fusion provided general advice to the owners of MHS.  The Partners responsible for the project were Mark Eisenstadt and Paul Slight.

UK, London & Kent

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A Fusion Deal: eLitigation business Legal Inc is acquired by Grant Thornton

October 11, 2010 — Fusion DigiNet

Legal Inc Ltd has been acquired by Grant Thorton as a key addition to its Forensic Team.   Established in 2005 and based in London, Legal Inc is the leading independent UK specialist in eLitigation, eDisclosure and eCourt services.

Legal Inc is able to handle and decipher huge complicated files for its accounting and legal and government clients.  As the company says: ” Our aim is always to be an ally in the fast-changing world of information management, where our know-how and, experience and market awareness can assist you in you in meeting today’s challenges.  The exponential growth of edata, the impact of disruptive technologies and a changing rulebook make for a ‘shifting sands’ environment. Add in operational pressures that revolve around efficiency, risk, cost control and client satisfaction and you can understand why so many organisations look to leverage Legal Inc to improve legal delivery and enhance business returns.”

 

Paul Slight was the Partner responsible for the transaction.  Fusion acted exclusively for the shareholder vendors.

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More IPC title sales

October 7, 2010 — Fusion DigiNet

IPC is continuing its structured divestiture exercise for its special interest titles and it was confirmed today that Kelsey Publishing, who recently acquired Cage and Aviary Birds have added Aeroplane, Miniworld, Ships Monthly, Park Home & Caravan magazines to its stable as well.

It is also rumoured in the Guardian that Chelsea Magazine Company has acquired World Soccer, Racecar Engineering and Classic Boat and that Caravan is about to be sold to Warners Group Publishers.

Source : guardian.co.uk and press release

UK, London & Kent

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M&C expands internationally with two deals

October 5, 2010 — Fusion DigiNet

McKinnon & Clarke the Lyceum Capital backed energy consultancy has closed two more transactions.

The first acquisition is Creative Energy Solutions, Australia’s leading energy consultancy servicing a significant share of the countries largest energy users.

The second, German based ETT, provides a broad range if consultancy services to a 2,000 strong client base of german high energy users.  The business compliments M&C’s existing operations in Germany.

Both companies operate in markets that are being driven by deregulation and have attractive growth prospects.

These transaction follow the recent acquisition of Encore International, a business advised by Fusion Corporate Partners LLP.

Source:  Press Release

UK, Fife & Germany, Freisbach & Australia, Melbourne

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IPC sells two more titles

October 5, 2010 — Fusion DigiNet

IPC has announced the sale of two further titles as part of its structured sell off of niche specialist titles.

Web User, reported to be still the UK’s best selling Internet magazine has been acquired by Dennis.  This is the fifth acquisition by Dennis in the last 18 months.

Guitar & Base has been sold to Anthem Publishing, publisher of Music Tech and Guitar Tech and a range of other music and food related titles.

UK, London & Kent

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ESPN acquires Orange Sport TV Channel

September 29, 2010 — Fusion DigiNet

Disney subsidiary ESPN is to acquire France Telecom’s Orange Sport TV channel at the end of October. It is reported  Orange will distribute the sports channel under the ESPN brand in France and internationally. The channel will be entirely managed by ESPN but Orange will continue to transmit French football league matches on mobile phones until 2012.  In 2009, ESPN bought the English football league rights off Setanta.

Sourced from news website Electron Libre.

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Kelsey Publishing acquires Cage and Aviary Birds from IPC Media

September 29, 2010 — Fusion DigiNet

Kelsey Publishing, publishers of specialist magazines and books, has acquired Cage & Aviary Birds from IPC Media. The terms of the deal were not disclosed. The deal sees Kelsey acquire the brand – currently published within the IPC Inspire portfolio – with immediate effect. There will be no interruption to the publishing schedule of the title.

As Britain’s only weekly bird keeping title, Cage & Aviary Birds gives readers the chance to see what’s hot and what’s not in the aviculture world, with the emphasis on avian news and expert comment.

IPC Inspire managing director Paul Williams says: “As one of the leading publishers of specialist titles in the UK, Kelsey is the perfect new home for Cage & Aviary Birds. I would personally like to thank the team for continuing to do a fantastic job over the course of the strategic review and acquisition negotiations, and wish them all the very best for the future.”

Kelsey managing director Steve Wright added: “We see Cage & Aviary Birds as an excellent fit for our magazine portfolio. It is an iconic brand within the bird keeping scene and will be one of the biggest titles published in our business.”

Staff transfer to Kelsey with immediate effect.

UK, London & Kent

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Wilmington Group plc to acquire Axco Insurance Information Services for upto £22 million

September 28, 2010 — Fusion DigiNet

Wilmington Group plc is to acquire Axco Insurance Information Services Limited, the leading provider of international compliance and regulatory information for the global insurance industry.

AXCO provides comprehensive information on the markets, regulation and taxation environment for the insurance industry within 165 countries worldwide. AXCO’s customers include international insurers, reinsurers and brokers with a particular strength in North America. The business is based in London and employs 40 staff. 96% of AXCO’s customers are subscribers to products delivered electronically. Their renewal rate in recent years has been in excess of 95%.

The acquisition of AXCO has been effected by Wilmington’s wholly owned subsidiary Waterlow Legal & Regulatory Limited which has acquired 100% of the fully diluted share capital for an initial cash consideration of £21.325m and a deferred payment, capped at £675k, which will be calculated by reference to the net current assets of AXCO at 30th September 2010. Wilmington will fund the consideration from existing debt facilities. AXCO is expected to have approximately £2m of net cash at completion. The transaction is expected to be earnings enhancing in the current financial year.

During the year ended 31 December 2009, the period of the latest audited accounts, AXCO made statutory profits before interest and tax of £1.23m on turnover of £5.6m. Pro forma unaudited revenues and EBITDA for the twelve months to 30 June 2010 were £5.8m and £1.93m respectively. At 31 December 2009 AXCO had gross assets of £5.34m.

Charles Brady, CEO of Wilmington, commented, “AXCO is an information business of the highest quality and a clear international market leader. It provides its customers with ‘must have’ intelligence and has demonstrated an ability to maintain continued growth irrespective of the challenging environment in recent years. It is highly complementary to Pendragon, our pensions law and regulation information business, as well as to the compliance and regulatory training divisions within Wilmington. This acquisition is the latest step in our plan to build a world class, international, compliance and regulatory information and training business. We are confident of AXCO achieving enhanced growth within Wilmington.”

UK, London

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