Exponent has bought Dennis Publishing, the parent to both Cyclist and Bikes ETC.
Rumours of a sale surfaced earlier this year, with another magazine publisher expected to take ownership. The private equity backers now in charge do have publishing experience, formerly owning BikeRadar parent Immediate Media.
Immediate sold to Hubert Burda Media in January of last year.
The value of the sale hasn’t been disclosed, though City Am speculates on a figure around the £150 million mark. Proceeds of the sale will go to founder Felix Dennis’ long-term passion of repopulating English forests via the Heart of England Forest charity.
Exponent executive, David McGovern, said of the buyout: “We believe that there is a significant opportunity to grow print and digital platforms, which will allow it to reach and engage even more readers and customers. We look forward to combining their expert knowledge with our own deep experience in consumer media and e-commerce to help further develop Dennis’ strong market positions and build on Felix Dennis’ legacy.”
Dennis Publishing’s portfolio boasts over 50 million readers and over 2.5 million magazine sales per month. Titles include Coach, Cyclist, Custom PC, CarBuyer, Computer Shopper and Auto Express.
Dennis chief executive James Tye added: “I’m thrilled to announce this exciting partnership between Dennis and Exponent. 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.”