RCapital's Archant sells The New European

The newspaper has been acquired from Archant by its founder Matt Kelly and a consortium of investors, including former New York Times CEO Mark Thompson and former Financial Times editor Lionel Barber.

Former Independent CEO Gavin O'Reilly becomes executive chairman of the new company, with Kelly assuming the role of chief executive officer and editor-in-chief. Existing staff, including editor Jasper Copping, digital editor Jono Read and digital reporter Adrian Zorzut, will also remain with the company.

RCapital acquired the newspaper publisher Archant through a company voluntary agreement in September 2020. The deal-by-deal investor makes investments of £2-20m in businesses with turnovers of £5-200m, and injects capital into companies through a mix of debt and equity. In addition to RCapital, the Pension Protection Fund (PPF) also acquired a stake and took over the group's defined benefit contribution pension scheme. At the time of acquisition, the company had a pension deficit of £10-99m.

In October 2020, the company made takeover offers for JPI Media, a UK-based newspaper publisher of newspapers such as the Scotsman and the Yorkshire Post.

Company
The New European is based in Edgware and was founded in 2010.

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• Exits
• UK / Ireland
• Consumer
• United Kingdom
• RCapital