Exponent acquires The Racing Post in SBO from FL Partners

Under its new owners, the company will look to increase its focus on its digital platform.

Exponent has a track record of investing in media companies. Most recently it purchased BBC Worldwide's consumer magazine business BBC Magazines in August 2011 for £121m. It then merged the company with online publishing business Magicalia and Origin Publishing, before rebranding the consolidated group as Immediate Media.

Debt
Hayfin Capital Management, Bank of Ireland and Lloyds Bank's strategic debt finance team provided a debt facility to support the deal. Lloyd's team provided senior debt.

Previous funding
FL Partners acquired The Racing Post from Trinity Mirror in 2007 in a deal valuing the business at £170m. The transaction was supported with a debt package supplied by Anglo Irish Bank.

At the time, the company was based in London, though it has since relocated its headquarters to Dublin.

Company
Founded in 1986, The Racing Post is a publishing company focusing on horse racing and sports betting. The company publishes a daily newspaper, in addition to posting its editorial content online and on its mobile apps.

The Racing Post has a headcount of 300 with offices in Dublin, London and Newbury.

People
Exponent – Oliver Bower (partner).
The Racing Post – Alan Byrne (CEO).

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