TowerBrook in talks to recoup InfoPro

Pending consultation with employee representative bodies, final negotiations around the takeover are expected to kick off in the coming weeks. Contacted by unquote", both TowerBrook and Apax declined to comment on InfoPro's enterprise value and the financing options currently under consideration for the deal. 

Should TowerBrook be successful, the SBO would mark its return as a majority owner to InfoPro after more than eight years. In 2001, the GP backed current chair Christophe Czajka when it launched the business as an editorial house with a focus on automotive publications.

In 2007, after growing InfoPro at a reported 30% per year, TowerBrook divested the business to Apax Partners and Altamir, a Euronext-listed GP that typically co-invests alongside Apax's funds. Led by Apax, the duo secured a joint majority stake in the company, while the management team retained a 44% holding; according to unquote" data, TowerBrook reaped a 3x return on the SBO.

Under Apax's and Altamir's eight-year tenure, InfoPro has grown to manage 50 different publications and run a 900-strong event portfolio. According to the business, the expansion has resulted in turnover jumping from €70m in 2007 to €300m in 2015.

Should the deal go forward, TowerBrook would add its name to a list of GPs who have chosen to return to an asset they used to own as deal sourcing becomes a steeper challenge.

Th group of firms revisiting the past includes Terra Firma, which took British energy provider Infinis private just two years after listing it; EQT, which returned to Swedish appliances business Dometic in 2011, after owning it between 2002-2005; and Ardian, which left French ingredient provider Solina in 2011 and reacquired it in October 2015.

Company
Founded in 2001, InfoPro runs a B2B publication portfolio featuring more than 50 specialised outlets.

Headquartered in La Croix de Berny, south of Paris, the group covers areas such as insurance and finance (L'Argus de l'Assurance), the automotive sector (Atelio), local councils (Emploipublic.fr), construction, distribution, industrials and tourism.

Put together, its titles most recently generated €300m in turnover, 45% of which came from the digital side. The company currently employs 2,400 professionals and typically recruits 300 new staff every year.

People
InfoPro Digital – Christophe Czajka (founder, chairperson).

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