Trinity Mirror, the UK's largest newspaper publisher, announces
today that it has agreed to sell its magazines and exhibitions business Inside
Communications Ltd ('ICL') for £41.5m.
ICL is being acquired by Ocean Media Ltd, a company set up for
the transaction that is backed by private equity firm, Ion Equity, and ICL's
existing management team, David Moran and Simon Malcolm.
Sly Bailey, Chief Executive of Trinity Mirror, said: "Inside
Communications is a good business with a strong portfolio of magazine titles and
exhibitions.
"However, these assets are not core to our portfolio, and we
agreed with the ICL management team that they would have greater scope for
development under their direct ownership."
Ion Equity director and interim chairman of Ocean Media Limited,
Ulric Kenny, said: "ICL's market-leading titles and strong track record,
together with its ambitious management team, represent an excellent foundation
for growth. We are very pleased to have the opportunity to support the company
in its next phase of development."
David Moran, Managing Director of ICL and now Managing Director
of Ocean Media Ltd, said: "We are delighted to complete this transaction and to
ensure the continuity of the ICL business for staff, customers and suppliers.
Our plan is to accelerate growth in the business through a substantial
investment across existing and new areas of activity."
Ion Equity specialises in both corporate finance and private
equity with offices in Dublin and London. Its other investments include Topaz,
the consortium which recently acquired the Irish retail and commercial
operations of both Shell and Statoil.
ICL publishes magazines and runs exhibitions for both trade and
consumer segments. Its titles include one of the largest and best-attended
consumer shows in the UK, the National Boat, Caravan and Outdoor Show in the
NEC, and the market-leading social housing magazine, Inside Housing. It employs
120 staff in London and Coventry.
