Endless reaps 7.7x on Ink Publishing sale to Stagwell

Kenny Wastell
03 October 2018

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Special situations investor Endless has generated a 7.7x return from the sale of in-flight media company Ink Publishing to industrial holdings company Stagwell Group.

Financial details of the transaction remain undisclosed, though Endless reportedly invested £8m for a majority stake in the company three years ago.

Under the vendor's tenure, the company has expanded beyond its print media focus into bespoke video and content platforms, secured new partnerships with travel brands and opened offices in Miami and Abu Dhabi.

The business generated an operating profit of £5.4m from a turnover of £58m in the year ending in June 2017, according to publicly available documents, up from an operating loss of less than £1m from a turnover of £48m in the year prior to Endless's investment.

Endless was invested in Ink via its third fund, a £220m vehicle that closed in 2011.

Previous funding
Endless acquired a majority stake in Ink in 2015.

Company
Founded in 1994, London-headquartered Ink produces digital, video, print and marketing for travel companies. Its clients include American Airlines, United Airways, Singapore Airlines, Etihad Airways, Norwegian, Qatar Airways, Virgin Atlantic Airways, EasyJet and Amtrak. The company has additional sales offices in Abu Dhabi, Miami, New York, São Paulo and Singapore.

People
Endless – Francesco Santinon (partner); Adam Keasey (associate director).
Ink Publishing – Michael Keating, Simon Leslie (joint-CEOs).

Advisers
Vendor – KPMG (corporate finance); Reed Smith (legal); K&L Gates (legal); Mishcon de Reya (legal); CIL (commercial due diligence); BDO (financial due diligence).