Apax Partners backs £142m MBO of Pearson's consumer magazines

- A £142 million management buyout of Pearson's consumer magazine business, which includes Future Publishing, is being backed by venture capital company Apax & Partners.

- A £142 million management buyout of Pearson's consumer magazine business, which includes Future Publishing, is being backed by venture capital company Apax & Partners.

The MBO team is being led by chief executive Greg Ingham, and is also backed by Future founder Chris Anderson.

As well as Future, Pearson's consumer division comprises French computing magazine publisher, Edicorp Publications SA, and the commercial website Futurenet.

The businesses, which form one of the fastest growing consumer publishing stables in Europe, achieved net profits of £9.9 million on turnover of £81.5 million in 1997.

Pearson will receive £125 million in cash and, in addition, Apax Partners will meet all outstanding deferred consideration payments, estimated at £17 million.

According to Ingham: "This is a terrific deal for the whole of the company. We were keen to find the right partner who would allow us to continue our rapid expansion both in the UK and France."





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