Former Internet start-up gets PE backing

Exponent Private Equity has acquired former Internet start-up Magicalia for £13m from original investors Matrix Private Equity and Atlas Venture. Online publishing group Magicalia received two rounds of funding, £1.4m seed financing from Atlas Venture in 1999 and £1.1m from Matrix Private Equity with Atlas Venture again participating in 2001.

Magicalia owns a portfolio of own brand sites and publishes community websites for a blue chip list of media clients. It also operates an ecommerce platform for specialist mail-order retail clients. The London-based business currently employs 40 people and produces over 40 websites in total.

Paul Slight, partner at Fusion Corporate Partners LLP, advised Matrix Private Equity and Atlas Venture.