Private equity firm, Exponent, has reached an agreement to acquire Dennis Publishing, the multi-platform international media group which owns several award-winning brands including its flagship title, The Week.
Based in London and New York, Dennis’ portfolio consists of over 30 brands across four main areas of focus: Current Affairs, Technology, Automotive and Special Interest. In addition to The Week, it is home to several well-known brands including MoneyWeek, The Week Junior, BuyACar.co.uk, Auto Express, CarBuyer, Computer Active, Alphr.com, Cyclist and Viz, among others.
In total, across all its brands, Dennis reaches over 50 million readers and sells over 2.5 million magazines every month.
The publisher is the first investment to be made from Exponent’s fourth fund, Exponent Private Equity Partners IV, LP, following a bidding war earlier this month when Exponent’s interest in Dennis was first unveiled. Though Exponent would not disclose what sum was exchanged for the company, it’s understood the figure comes in near £150m.
All proceeds of the sale will go to the Heart of England Forest (HoEF), a charity which the late Felix Dennis established during his lifetime. The endowment will further Felix’s ambitious vision of planting and maintaining the largest contiguous, broadleaf woodland for public enjoyment that the UK has seen in a century.
Commenting on the acquisition, James Tye, Group CEO of Dennis, says, “I’m confident that Exponent’s experience in our vibrant industry coupled with Dennis’ talented and experienced team, allied with our world-class brands, will prove to be a formidable and unbeatable force in the publishing sector. As partners, we share the belief that innovation and ambition are the keys to success and it’s this shared vision that will propel Dennis to its next phase of growth.”