Apax set to steam ahead with HIT Entertainment sale
Strong gains in China and the US, as well as significant interest from mainly US trade buyers, have prompted Apax Partners to commission a strategic review of HIT Entertainment with a view to a potential €1bn+ sale, according to press reports.
HIT, the star assets of which include Thomas the Tank Engine and Bob the Builder, has had a strong 2010 despite having to undergo some restructuring and covenant amendments on its debt facilities.
The company – which also produces other children's programmes such as Roary the Racing Car, Pingu, Fireman Sam and Angelina Ballerina – was the subject of a £489.4m delisting by Apax in 2005. Debt facilities to support the transaction were arranged by Deutsche Bank and Merrill Lynch.
Apax Partners has already made some divestments from the HIT catalogue, selling the Guinness World Records division to Canada-based Jim Pattison Entertainment for £60m in 2008.
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