Genesis sells Profimedia stake

A Scandal Media subsidiary, Megeidon, has acquired Genesis Capital's 60% stake. Profimedia's founder, Petr Novák, also sold his 40% stake in the firm.

Genesis also stated it was planning to launch a fourth fund, Genesis Private Equity Fund III, with the same investment mandate as its predecessors.

Previous funding
Genesis acquired a 60% stake in Profimedia as part of a leveraged buyout in June 2010 via its GPEF II vehicle.

A year later, Genesis invested additional capital in the company in order to acquire Budapest-based Red Dot, a supplier of photographic content in the media and advertising sector. Genesis supplied 60% of the financing, while Profimedia founder Petr Novák provided the remainder.

Company
Founded in 2000, Profimedia is a photo bank operating in the Czech Republic, Slovakia, Hungary, Slovenia, Croatia, Serbia, Bulgaria, Ukraine and Romania. It sells 20,000 photos per month from its database of more than 100 million photos. It supplies 121 publishers, 300 advertising agencies and 526 magazines and newspapers in central and eastern Europe. Its partners include Corbis, National Geographic and AFP among others.

The firm employs 30 people and is headquartered in Pardubice.

People
Karel Vágner is the majority owner of Scandal Media. Pavel Macků is general manager of Profimedia. Jan Tauber is director at Genesis Capital.

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