Bowmark, Abry reportedly in second round for LDC's PEI Media

A US and a UK private equity firm are also through to the second round, with final-round bids due in the next two weeks, according to the Mergermarket report, citing sources briefed with the situation.

Initial bids for the company, submitted last month, came in at more than 10x EBITDA, the report added.

Potential trade bidders for the asset are now understood to be out of the running; they included Acuris, the parent company of Unquote, and InfoPro Digital, the French professional information group owned by Towerbrook. Inflexion is no longer involved in the process either, according to the report.

LDC backed the management buyout of PEI Media Group in September 2015, according to Unquote Data. The PEI transaction came hot on the heels of BC Partners-backed Acuris's acquisition of Incisive Media's private equity portfolio, comprising the Unquote and Asian Venture Capital Journal titles.

LDC took a significant minority stake in PEI via the deal, while the group's original founders David Hawkins and Richard O'Donohoe also remained minority investors.

PEI's titles include Infrastructure Investor, Real Estate Capital and Private Equity International, in addition to a number of events.

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