A consortium led by private equity firm Ion Equity has bought Inside Communication, the magazine and exhibition business of Trinity Mirror for £42 million (€61 million).
Ion will own around one-third of Ocean Media, the company set up to carry out the transaction. Management will hold around a quarter of the shares and Anglo Irish Bank, which provided finance for the deal, will hold the balance.
Ion Equity director and interim chairman of Ocean Media, 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."
He said that over half of the company's revenues - which were in excess of £26 million last year - came from exhibitions, including one of the UK's largest consumer shows, the National Boat, Caravan and Outdoor Show in the NEC in Birmingham. The company employs 120 people in London and Coventry.
Mr Kenny said that Ion had got to know the management of Inside over a number of years and now planned to grow the business with them.
David Moran, the managing director of ICL said the company planned to "accelerate growth in the business through a substantial investment across existing and new areas of activity".
Sly Bailey, chief executive of Trinity Mirror, said: "Inside Communications is a strong business with a good portfolio of magazine titles and exhibitions.
"However, these assets are not a core part of our group, and we agreed with the ICL management team that they would have greater scope for development under their direct ownership."
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