Vitruvian exits Tinopolis in management buy-back
Vitruvian Partners has sold its stake in media production and distribution company Tinopolis as part of a management buyback.
The sale brings to an end a nine-year holding period for the GP, which originally invested in the company via its €925m maiden fund.
Under Vitruvian's tenure, Tinopolis has undertaken an acquisitive strategy. The business bolted on US-based TV production company Base Productions for $65m in August 2011 and both UK-based independent film production company Firecracker Films and media distribution company Passion Distribution in December 2012. Most recently, it invested in Thunderclap Media, a production company founded by Claire Zolkwer, formerly ITV commissioning editor for comedy and entertainment.
According to a statement, Tinopolis's turnover has trebled under Vitruvian's tenure. At the time of the GP's initial investment, the business generated a turnover of £66m.
Previous funding
Vitruvian acquired Tinopolis in a £44.7m take-private in May 2008. According to unquote" data, the firm provided £20m of equity funding with management rolling over £4.5m. Barclays and Bank of Ireland underwrote the balance, of which £17m was acquisition financing.
The GP then provided fresh capital to support the Base Productions acquisition in August 2011.
Company
Founded in 1989 and headquartered in Llanelli, Carmarthenshire, Tinopolis is a media production and distribution company focusing on TV and film. The group's brands include Daybreak Pictures, Sunset+Vine, Firecracker, Mentor Media and Pioneer Productions. It produces BT Sport's football and rugby coverage in addition to shows such as Hell's Kitchen, Robot Wars, BBC Question Time and Hyde Park on Hudson. Tinopolis has production centres in London, Oxford, Cardiff, Glasgow and Leeds.
According to publicly available documents, Tinopolis generated a turnover of £112m in the 12 months to September 2016, with EBITDA of £10.7m.
People
Vitruvian Partners – Ben Johnson (partner).
Tinopolis Group – Arwel Rees (CEO); Ron Jones (executive chairperson).
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