The sale of UK regional newspaper publisher Adscene to Denitz Media in a GBP91 million public-to-private MBI led by the Leeds office of 3i, has been declared unconditional. 3i has provided GBP16.5 million of equity and introduced a new management team. Denitz Media was specifically formed to take the company back into private ownership.
The transaction involved the immediate sale of Adscene’s Midlands businesses, Tamworth-based Central Independent Newspapers and Shrewsbury-based Admag Newspapers, to Northcliffe Newspapers. The disposal was structured to allow Denitz Media to strengthen the position and performance of its remaining titles in the rapidly consolidating regional newspaper market.
The MBI team was led by Martin Lusby, a former EMAP director, and Barrie Holden, former managing director of the Peterborough Evening Telegraph. The pair are currently chairman and managing director respectively of Ashton Weekly Newspapers, a group also backed by 3i. Harry Lambert, Adscene’s founder, is to step down.
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