3i has exited its investment in Media Audits, which was a 1979 investment inherited as part of the Baronsmead Investment Trust portfolio, which 3i purchased in the autumn of 1997. Livingstone Guarantee introduced Media Audits to Barclays Ventures, which acquired the company in a secondary buyout worth GBP6.4 million. Barclays Ventures invested GBP2.7 million for a significant minority stake.
Media Audits offers clients advice on the efficiency and effect of their media and investment budgets. The business, says Barclays Ventures, sees similar levels of demand for its services at all stages of the advertising cycle.
The transaction was structured as a management buyout/ buy-in with Barclays Ventures introducing Julian Spooner alongside incumbents Michael Cluff, Mauricio Barange and John Storey. Spooner was previously with Diageo and becomes chief executive at Media Audits.
Royal Bank of Scotland supported Barclays Ventures acquisition with a GBP2.6 million loan facility.
For Media Audits the deal with Barclays Ventures will enable it to complete its network of services operating out of 10 offices in nine European countries. Turnover this year is expected to be GBP9 million to GBP10 million on billings of more than $5 billion.