Alchemy-backed Incisive Media acquires Chartis Research

Incisive financed the deal from its existing balance sheet, with the transaction value remaining undisclosed.

Following completion of the bolt-on, Chartis will be merged with Incisive's Risk.net, Waterstechnology.com and RiskTech-Forum.com brands.

The transaction marks the first acquisition since Alchemy took control of the publisher via a debt for equity swap in January 2015 – a deal that saw the company's debt pile reduced from £110m to £25m.

Previous funding
Incisive Media originally came under private equity ownership in 2006, when it was delisted from the London Stock Exchange in a deal led by Apax Partners. The GP provided an equity investment of approximately £100m to take a 62% stake in the company. Debt financing totalling £171m was arranged, structured and underwritten by RBS. Term debt consisted of a £25m A-tranche; B- and C-tranches worth £51m; mezzanine totalling £44m; and a £25m acquisition facility.

In 2009, senior lenders took over the company following a debt-for-equity swap. Apax Partners' stake in the UK business was subsequently slashed from 61% to less than 2%. Management retained a 10% stake, while mezzanine lenders secured a 5% stake.

Company
London-headquartered Chartis is a publisher of white papers, industry reports and research articles focused on the risk and compliance technology market.

People
Paul Bridges, Ian Cash, Toby Westcott and Ian Neill worked on Alchemy's investment in Incisive. Tim Weller is chair and chief executive of Incisive. Peyman Mestchian is managing partner at Chartis.

Advisers
Company (Incisive Media) – MacFarlanes (Legal); Baker Tilly (Financial due diligence); OC&C (Commercial due diligence).

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• Alchemy Partners LLP