LDC scores 2.3x money on Orion Media exit

The deal represents the third exit for LDC this year, following the £75m sale of Property Software Group to Zoopla in April and the sale of beauty accessories group Original Additions to US-based PDC Brands for £37m that same month.

The acquisition gives Bauer's existing portfolio a 34% share of commercial radio listening and an audience of 17.4 million, according to the company.

Previous funding
LDC and radio industry veteran Phil Riley acquired eight Midlands radio licenses from commercial radio group Global Radio for an undisclosed sum in June 2009. The eight stations included in the transaction were BRMB, Mercia FM, Beacon FM, Radio Wyvern and Gold Stations in Birmingham, Coventry and Wolverhampton, as well as Heart 106 in the East Midlands. They operate under the umbrella Orion Media.

Company
Headquartered in Birmingham, Orion was formed in 2009 with the backing of LDC. It operates eight stations under the Free Radio and Gem brands. Orion also runs the Free Radio Live music event every year at the Genting Arena in Birmingham. The business claims its radio stations have a combined weekly audience of more than 1.25 million people.

People
Orion Media – Adrian Serle (CEO).
LDC – Andy Grove (director).

Advisers
Company – PwC (corporate finance).

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• Topics
• Exits
• UK / Ireland
• Media
• United Kingdom
• Trade sale