British private equity firm Epiris will sell Country Life magazine owner TI Media to Bath-based media company Future for £140m, it announced today.
Epiris bought TI Media, then called Time Inc UK, from US media group Meredith in February 2018 in a deal thought to be worth around £130m.
Under Epiris, TI Media undertook a cost-cutting drive during which it sold several titles, including music site NME.com and its portfolio of comics.
Marcus Rich, chief executive of TI Media, said: “Epiris’s expertise has been invaluable in bringing direction and momentum to TI Media’s transformation journey.
“Future is a business that shares our vision for growth and innovation, and I am confident that TI Media’s portfolio of iconic brands will continue to thrive as part of the Future family.”
Alex Fortescue, managing partner of Epiris, said: “We acquired TI Media in a complex corporate carve-out and have since focused on implementing a transformation plan based on the Epiris toolkit of strategic focus, operational improvement and M&A.
“This has allowed us to achieve a strong return in less than two years.”
More to follow.