Epiris exits TI Media in £140m deal

TI Media was a portfolio company of Epiris Fund II, which closed on £821m in 2018 and was 46% deployed as of June 2019. The sale is the first realisation from the fund and is expected to generate returns of 2x money and a 50% IRR.

During Epiris's holding period, TI Media sold its portfolio of comic titles to Rebellion Developments and its music titles to BandLab Technologies in a £7m deal, according to Unquote sister publication Mergermarket.

Future will fund the acquisition through a combination of debt and equity. The company has increased its debt facility to £135m.

The acquirer is purchasing TI Media to expand into new verticals and geographies, and expects to see synergies of £15m per year achieved in two years.

TI Media's CFO, Rachel Addison, will join Future as CFO following the transaction.

Previous funding
Epiris Fund II acquired TI Media from Meredith Corporation in March 2018. Unquote understands the deal valued the business at £120m.

Company
Founded in 1963 and headquartered in London, TI Media is a consumer magazine and online publisher. Its portfolio includes 41 brands including Decanter, Country Life, Wallpaper and Woman & Home. The company generated revenues of £201.5m and adjusted EBITDA of £28.7m for the year ending on 31 May 2019.

People
Epiris – Chris Hanna (partner); Alex Fortescue (managing partner).
TI Media – Marcus Rich (CEO).

Advisers
Vendor – Macfarlanes (legal); PwC (financial due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• Epiris
• PwC
• Trade sale