Apax takes full control of Trader Media

According to reports, GMG sold its stake for around £600m, which values the group at £1.75bn.

Apax first invested in the company in March 2007, picking up a 49.9% stake for £675m, valuing the company at £1.35bn, according to unquote" data. GMG retained a 50.1% holding.

In June 2011, Apax refinanced TMG, taking home a £140m dividend.

In January last year, talks of Apax's full takeover surfaced; however, GMG was understood to have ended negotiations as offers were deemed too low.

GMG recently sold GMG Property services to LDC in a £17.8m management buyout. Both recent deals are part of GMG's five-year digital-first strategy, which sees the group focusing on its core business, and disposing of non-core entities. The Guardian and Observer reported an underlying loss of £31m last year.

Company
TMG is a classified directories business operating both print and online platforms. Its flagship product is Auto Trader, which became a digital only publication last year. It publishes a further 12 key brands including B2B publication Razsor, as well as consumer titles Bike Trader, Van Trader and Carzone.

TMG is headquartered in Wimbledon and employs 1,368 people. Established in 1977, the company reported EBITDA of £143.9m in the year ending April 2012, and group revenue of £251.8m.

People
Andrew Miller is CEO of GMG. Tony Hall is a partner at Apax.

Advisers
Equity – JP Morgan (Corporate finance); Simpson Thacher & Bartlett (Legal); Allen & Overy (Legal).
Vendor – Bank of America Merrill Lynch (Corporate finance); Freshfields Bruckhaus Deringer (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Media
• Expansion
• Apax Partners
• LDC
• United Kingdom