Investee Company – British European Associated Publishers Ltd (UK)
Investee Company Business – Publishing company
Type of Financing – Management buyout
Equity Providers – ABN AMRO Capital
Equity Leader (Individual) – Paul Moxon, Patrick Bulmer (ABN AMRO)
Debt Providers – Bank of Scotland Corporate Banking
Debt Type – N/A
Debt Leader (Individual) – Colin More, Steven Jolly (Bank of Scotland)
Equity Amount – £9.6 million
Total Deal Value – £36.65 million
Other Advisors – For ABN AMRO – CMS Cameron McKenna (Legal): Andrew Sheach, James GrimwoodKPMG (Financial due diligence): Stephen Cole, Averil Morrison KPMG (Commercial due diligence): Calum Chace, Whitney Tyzack (Management due diligence): Neal Wyman Bank of Scotland: Dickson Minto (Legal): Allan Fraser For BEAP – RSM Robson Rhodes (Financial advisers): Dominic Bolton, Graham Brodrick-Webb, Michael Chourdakis Pinsent Curtis Biddle (Legal): Duncan McDonald, Alan Greenough
Comments – Redhill-based British European Associated Publishers Ltd (BEAP), publisher of puzzle magazines has been acquired by its management team from Finnish media group Sanoma Magazines, a division of Sanoma WSOY. The deal was backed by ABN AMRO Capital, which invested £9.6 million. Royal Bank of Scotland provided £23.75 in debt. The remaining funding was a £3 million vendor loan and £300,000 from the management.
BEAP plans to use the capital to strengthen and develop existing business growth and to pursue new initiatives.
ABN AMRO Capital has private equity teams operating in most European countries (UK, Netherlands, France, Italy, Germany, Scandinavia, Belgium, Poland, Hungary, and the Czech Republic) with a total portfolio of funds managed/invested of around €2.7 billion.
Founded in 1973 as a general publisher, BEAP is a leading UK publisher of puzzle magazines. BEAP produces 32 puzzle magazine titles, including the leading titles Puzzler and Puzzler Collection.
Paul Moxon of ABN AMRO Capital, said: “BEAP is an excellent business with strong brands. With our financial backing we believe Mel and his team will be successful in growing the core publishing business and leveraging the Puzzler brand to generate new revenue streams. We look forward to seeing BEAP enter a new era in its development.”