Ocean Media (United Kingdom) - Oct 2007

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01 October 2007

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AAC Capital Partners has acquired a majority stake in publisher and exhibition organiser Ocean Media Ltd from its current management team and Ion Equity. The value of the secondary management deal was undisclosed, though press reports have estimated it at a little over £100m. Anglo Irish Bank supported AAC’s equity investment with a debt package. The deal was originated off-market. AAC intends to grow Ocean Media organically through driving revenues in digital media and also by selective acquisition. Exit deal Ion Equity backed the formation of Ocean Media in 2006 investing to acquire Inside Communications Ltd from Trinity Mirror Plc.

Company

Ocean Media has a core asset base comprising three businesses: Social Housing, which includes Inside Housing magazine and the Chartered Institute of Social Housing Annual Conference, Weddings & Bridal, which comprises The British Bridal Exhibition, The National Wedding Shows and Bridal Buyer magazine; and Leisure & Outdoor, comprising the National Boat and Caravan Outdoor Show. Ocean also has a portfolio of other Trade and Consumer publishing assets including The Negotiator, the leading trade magazine for estate agents, Geriatric Medicine and Build It, a magazine for the self build housing market. Between 2005 and 2007 Ocean Media’s sales grew from £25.8m to £28.6m. Londonbased Ocean Media has an office in the Midlands and employs 130 staff.

People

Patrick Bulmer, Simon Tuttle and Grant Paul-Florence co-ordinated the deal for AAC. Bulmer and Tuttle join the board of the newco as non-executive directors. The incoming management team is led by Trevor Barrett, former managing director of Builder Group. Tony Tillin has joined as chairman, he has previously chaired two of AAC’s investments.

Advisers

Purchaser - CMS, (Legal)Purchaser - CMS, (Commercial Due Diligence)Purchaser - Grant Thornton, (Corporate Finance)Purchaser - PricewaterhouseCoopers, (Financial Due Diligence)

Sourced from: 0 unquote" 356 (Nov 2007)