The private equity fund affiliate of US investment bank Veronis Suhler & Associates has acquired a 36 per cent stake in Centaur Communications, owner of Marketing Week.
The move is part of a complex share restructure and heralds a fresh period of expansion for the UK business magazine publisher.
Centaur has bought in 4,828,004 of its own ordinary shares at 360p each. There are now 15,309,257 shares in issue. Griffin Land and Nurseries Inc, an existing Centaur shareholder, holds 35 per cent.
The VS&A equity fund specialises in media investments. John Veronis and John Suhler, chairman and president and co-chief executives of VS&A respectively, are to join the Centaur board.
Centaur raised 30m through First Union Bank of Charlotte, North Carolina. The remainder of the credit line, following the buy-in, will be used to acquire media businesses complementary to the group’s existing magazine interests, according to the company.”This development heralds a new period of growth for the company,” says Centaur chief executive Graham Sherren.
The restructure was partly triggered by US investment bank Warburg Pincus, which has sold its 28 per cent interest in Centaur after 11 years.