Epiris Fund II announces the acquisition of Time Inc. UK

POSTED 26 February 2018

Epiris today announces that Epiris Fund II, advised by Epiris LLP, has agreed to acquire Time Inc. UK (“TIUK”), one of the UK’s largest consumer magazines and digital publishers, from Meredith Corporation. Financial terms of the transaction are not being disclosed.

TIUK’s 50-plus brands reach 17 million adults and 13 million online and digital users across the UK. TIUK’s market-leading portfolio spans a range of interest areas, from entertainment and women’s lifestyle to luxury, sports and technology. Amongst its titles are household names such as Woman’s Weekly, Country Life, Ideal Home and Trusted Reviews, as well as specialist titles such as Decanter, Wallpaper*, Cycling Weekly and Horse & Hound. Its entertainment titles, including What’s on TV and TV Times, sell more than a million copies each week.

The company is led by CEO and PPA Chairman Marcus Rich, who joined TIUK in 2014 from DMG Media. Sir Bernard Gray, who is Chairman of New Scientist and formerly Non-executive Director of Immediate Media and Chief of Defence Materiel at the Ministry of Defence, will become Executive Chairman.

Alex Fortescue, Managing Partner of Epiris, said:

“This is the second investment we have announced from Fund II following the Portals De La Rue deal, announced earlier this month. This deal is a complex corporate carve-out of the type in which we specialise. The business itself offers plentiful scope for transformation through operational improvement and M&A. We are thrilled to have got Fund II off to such a strong start.”

Chris Hanna, Partner at Epiris, said:

“At its heart this is a diverse, robust and cash-generative business. We intend to bring clarity and simplicity to it, to focus on maximising the potential of its high-quality portfolio. We are excited about implementing our plans in partnership with Bernard, Marcus and the team.”

Marcus Rich, CEO of Time Inc. UK said:

“Time Inc. UK is home to some of the best known brands in the UK and we are delighted to be partnering with Epiris and with Bernard as we continue our transformation journey. They share the same vision for our business and we are excited by the fresh insight they will bring as we shape our shared plans for the business in the years ahead.”

The transaction was led for Epiris LLP by Chris Hanna, Ian Wood and Nicola Gray.

Epiris is being advised by Jefferies International, PwC and Macfarlanes. Debt is being provided by Ares Management and HSBC.

#Ends#

For Epiris LLP please contact:

Andrew Honnor, Matthew Goodman, Robert White, Greenbrook Communications
+44 (0)20 7952 2000

Nicholas Board, Epiris
+44 (0)20 7306 3902

For Meredith Corporation please contact:

Art Slusark
+1 515-284-3404; art.slusark@meredith.com

Jill Davison
+1 212-522-0105; jill.davison@meredith.com

About Epiris LLP
Epiris LLP is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. We target control positions in UK-centric businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.

Fund I
Since 2011 Epiris has invested £1 billion in buyouts and loan-to-own debt investments in respect of which it has delivered a gross IRR of 38%*. Synthetic net returns from this portfolio are in the top decile of European private equity funds of comparable vintages.

Fund II
Epiris is currently seeking investment opportunities for Epiris Fund II, an institutional private equity fund raised in 2017. The first announcement in Fund II, the acquisition of Portals De La Rue, one of the world’s leading manufacturers of “substrate” for banknotes, was announced in early February 2018.

For further information please visit www.epiris.co.uk.

Issued by Epiris LLP which is authorised and regulated by the Financial Conduct Authority.

* As at 30 September 2017. Gross IRR does not reflect adjustments for investment management and administration costs. Comparator data supplied by Preqin. Past performance is no guarantee of future results.

About Meredith Corporation

Meredith Corporation has been committed to service journalism for more than 115 years. Today, Meredith uses multiple distribution platforms — including broadcast television, print, digital, mobile and video — to provide consumers with content they desire and to deliver the messages of its advertising and marketing partners. Meredith's National Media Group reaches nearly 200 million unduplicated American consumers every month, including 85 percent of U.S. Millennial women.  Meredith's Local Media Group includes 17 television stations reaching more than 11 percent of U.S. households.