Foresight reaps 2x multiple on exit from Factory Media

Foresight funds will realise around £8m following the sale, more than 2x the roughly £3.8m it invested in 2006. A further £1m is currently held in escrow for release subject to various conditions.

FIG is a privately-owned European operator of web brands and digital media assets. FIG aims to develop the company's digital media publishing.

Previous funding
In 2006, Electra Quoted Management invested around £3.8m in the company through Electra Kingsway VCT 2 and 3. Acuity Management was formerly part of the Electra Partners Group before it became independently owned by its management in 2008. In 2011, Acuity named Foresight Group as new manager of two of its venture capital trusts, including the two vehicles that invested in Factory Media.

The investment allowed the management team of Action Sports Media to acquire two other extreme sports publishers, Permanent Publishing and 4130 Publishing. The three companies were merged into a newco, Factory Media, in which Electra held a 49.9% stake.

Company
Factory Media publishes traditional print and new media brands for over 500,000 readers and 4 million monthly online users. The company publishes 19 print magazines, available in a number of languages and 25 targeted sports websites. Factory Media currently focuses on board sports and bike sports.

The media firm is based in London, with regional offices in Germany and France. Factory Media employs around 100 members of staff.

People
James Livingston is investment director at Foresight Group. Darryl Newton is managing director at Factory Media.

Advisers
Vendor – Simons Muirhead & Burton, Neal Hodges, Simon Goldberg (Legal); Sedley Richard Laurence Voulters, Brian Williams (Tax).
Equity – Harbottle, Rhys Llewellyn (Legal).

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