Chorion (United Kingdom) - Nov 2007

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01 November 2007

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3i portfolio company Chorion, a manager of classic and contemporary literary-based brands, has acquired The Copyrights Group Ltd for an undisclosed sum. 3i provided Chorion with additional funds to enable it to complete the acquisition from its family owners. There was no new debt involved. The properties managed by Copyrights are understood to be highly complementary to Chorion’s existing stable of classic properties. The combined business will be a leader in licensing and merchandising British literary brands around the world. Chorion anticipates future growth from rolling-out Copyright’s brands globally, in particular into the world’s two biggest markets, North America and Japan. Chorion is also in the process of preparing the launch of two new television series featuring Mr Men and Enid Blyton’s Famous Five. 3i acquired Chorion in a £134m public-to-private transaction in 2006 (13 March 2006, page 23). GE Commercial Finance provided debt to support the deal.

Company

Copyrights clients’ brands range from British children’s classics such as Beatrix Potter, Paddington Bear, Raymond Briggs’ The Snowman, Spot and Horrible Histories to lifestyle brands such as Marie Claire, Rough Guides and The Country Diary of an Edwardian Lady. London-based Chorion’s brand portfolio consists of properties such as Noddy, Mr Men and the works of Agatha Christie. Copyrights was founded in 1984 and is headquartered in Banbury. It has offices in Japan and Australia and works with independent sales agents in the US and continental Europe.

People

Tim Salmon led the deal for 3i.

Advisers

Equity - Baker Tilly - Due diligence, (Financial Due Diligence)Equity - Olswang, James McIntyre-Brown, Tony Leifer (Legal)

Sourced from: UK & Ireland unquote" 358 (Dec 2007)