Ergon Capital acquires Keesing from Telegraaf for €150m

TGM – one of the Netherlands’ largest media companies, and owner of publications such as De Telegraaf, DFT, Telesport and Metro - will retain a 30% stake in the new structure. TMG, whose revenues amounted to €482m in 2015, will continue to be closely involved with Keesing’s further development, it said in a statement. 

Ergon is investing through the €350m buyout vehicle Ergon Capital III, closed in 2010. Ergon makes equity investments ranging from €20m to €70m, targeting mid-sized businesses in Benelux, Italy, Iberia, France, Germany and Switzerland.

Keensing’s €150m entreprise value is debt-free and cash-free, the acquirer said. The net cash flow generated through this transaction will be used to redeem the company’s banking credit facilities, offering further flexibility with regards to the future financing of acquisitions and internal growth, the GP added.

According to TGM, the partnership with Ergon should enable Keesing to increase its market shares in the sector and to accelerate its international growth. Ergon said it would apply a buy-and-build strategy for the business, and work on the digitalisation of its products and expansion of its distribution channels.

The transaction is subject to approval from shareholders and the relevant authorities and should be completed within the next two months.

Previous funding
NPM Capital signed an agreement to increase its shareholding in Keesing International Publishers from 27% to a majority shareholding, through the purchase of shares from other existing shareholders, in 2004. NPM had been a shareholder in Keesing since 1990.

Company
Founded in 1911 and based in Amsterdam, Keesing Media Group is publisher of puzzle magazines. With a print run of 86 million puzzle magazines on an annual basis, Keesing has a distribution network covering Netherlands, Belgium, Denmark, Germany, France, Italy, Norway, Spain and Sweden.

The company operates under different brands such as Denksport, Sport Cérébral, Tankesport, Megastar, Jan Meulendijks, 10 voor Taal and Win!. The business has also launched apps in Dutch, Flemish, French, German, Italian, Norwegian, Danish, Swedish and English, where new puzzles are published on a monthly and weekly basis.

Headquartered in Amsterdam, Keesing Media Group employs approximately 280 staff and has offices in Paris, Naintré, Antwerp, Amsterdam, Berlin, Copenhagen and Madrid.

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• Topics
• Benelux
• Buyouts
• Consumer
• Belgium
• Benelux
• Ergon Capital Partners