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Epiris Fund II announces the acquisition of Time Inc. UK

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

Epiris Fund II announces the acquisition of Time Inc. UK

Time Inc. UK’s (TIUK) 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, says Epiris.

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.