Oakley Capital Private Equity has acquired a 50% stake in international publisher Time Out. Financial terms of the investment were not released. Time Out publishes city-focused entertainment and event magazines as well as travel guides, and has more than 17 million readers each year. Oakley will help the company with continued growth, the firm said in an announcement.
Oakley Capital Investments Limited (AIM: OCL), the AIM-listed company established to provide investors with access to the investment strategy being pursued by Oakley Capital Private Equity L.P. (the “Fund”), today announces that the Fund has acquired 50% of Time Out, the international multi channel publisher.
Time Out, which was founded in 1968, is a leading international multi channel publisher in over 30 countries around the world. With its incredible brand heritage, Time Out is uniquely positioned to provide services across traditional print, digital channels and live events. Today, the Time Out brand delivers entertainment, cultural guidance and information for people through a distribution network which incorporates city magazines, a comprehensive online presence, mobile, travel guides, events and partnerships.
Time Out has a worldwide audience of over 17m per annum across all these channels and continues to grow its digital presence, with global unique users per month up 38% year on year to 7.5m, of which over 2m are in London. Time Out also recently launched its location based iPhone applications and has already had over 500,000 downloads in 2010. Time Out publishes a broad range of magazines and guides, its weekly magazine has 36 versions in 24 countries which is complemented by 22 travel magazines and city guides to some 50 cities, translated into 10 languages.
In March, Time Out announced its appointment as the official publisher of travel guides for the London 2012 Olympic Games and Paralympic Games. The brand was further recognised in June when Time Out was awarded International Consumer Magazine of the year at the Periodical Publishers Association (“PPA”) awards.
The Fund will provide financial and strategic support for the continued growth of the Time Out brand across all channels.
Peter Dubens, Director of Oakley Capital Investments, said,
“It is very rare to be able to help with such a renowned, iconic brand as Time Out, which over the last 42 years has provided first class editorial on culture and entertainment to over 50 cities around the world. We believe that we will help this brand both in its traditional media and the continued transition to digital over the coming years. ”
Tony Elliott, Founder of Time Out, added,
“I have considered many potential investors over the last 7 years to help the brand with the next phase of development and I believe that Oakley Capital, with its entrepreneurial operational focus, will help us with this. I genuinely believe that I have found a real partner for what I expect to be a hugely successful worldwide digital journey.”
Oakley Capital Private Equity L.P. is an unlisted UK and European mid-market private equity fund with the aim of providing investors with significant long term capital appreciation. The Limited Partnership’s investment strategy is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement. The Limited Partnership seeks to invest in companies with scale in their industry subsectors, thereby creating a sustainable earnings stream which should command a premium on exit.