Initial reports from Sky News suggested Exponent could pay between £150m and £200m, with The Week alone valued at around £100m, although the final amount was unconfirmed.
Dennis is a leading consumer media and e-commerce organisation, based in London and New York. Its portfolio consists of over 30 brands across four main areas of focus: Current Affairs, Technology, Automotive and Special Interest. In addition to The Week, it is home to several well-known brands including MoneyWeek, The Week Junior, BuyACar.co.uk, Auto Express, CarBuyer, Computer Active, Alphr.com, Cyclist and Viz, among others. Across all its brands it reaches over 50 million readers and sells over 2.5 million magazines every month.
Dennis is the first investment to be made from Exponent’s fourth fund, Exponent Private Equity Partners IV, LP.
Commenting on the acquisition, David McGovern of Exponent, said, “Dennis is a unique, innovative and dynamic publishing and e-commerce business. We believe that there is a significant opportunity to grow both its print and digital platforms, which will allow it to reach and engage even more readers and customers. Exponent is delighted to back James Tye and his team. We look forward to combining their expert knowledge with our own deep experience in consumer media and e-commerce to help further develop Dennis’ strong market positions and build on Felix Dennis’ legacy.”
Dick Pountain, on behalf of the Executors of the Felix Dennis estate, said, “The Executors of Felix Dennis’ estate are delighted to agree the sale of Dennis Publishing to Exponent. We see Exponent as excellent partners for Dennis; their track record in media is extremely strong and we have confidence in their ability to continue to grow the size and reputation of the company that Felix created almost 50 years ago.
The proceeds of this sale go to the Heart of England Forest (HoEF), a charity which Felix established during his lifetime. This endowment will enable the charity to create Felix’s ambitious vision – planting and maintaining the largest contiguous, broadleaf woodland for public enjoyment that the UK has seen in a century. The sale ensures not just a bright future for all involved but will create a lasting and important legacy for future generations.”
- Felix Dennis 1947 – 2014 Posted on June 23, 2014
- BBC Worldwide agrees to sell magazines to Exponent Posted on August 16, 2011
- Dennis Publishing acquires Women’s Fitness magazine Posted on July 7, 2011
- BBC Worldwide goes exclusive with Exponent Private Equity over the sales of BBC Magazines Posted on June 6, 2011
- Dennis Publishing acquires Health & Fitness magazine Posted on January 13, 2010