MBO is the right medicine for healthcare publisher

February 2006

Campden Publishing, publishers of Nursing In Practice, The New Generalist and Hospital Healthcare Europe, has been acquired from its founders in a £6 million management buy-out (‘MBO’) of the 18 year old company.

John Pettifor, the Managing Director leading the buy-out, joined Campden in early 2003 at the request of co-founders John Learmonth and Jonathan Regan as part of a planned phased exit. Livingstone helped negotiate John’s investment in Campden in 2003 and has now delivered this latest deal on behalf of the management team.

He comments “It became clear in the middle of 2005 that the original founders were ready to exit and I felt sure that Campden’s growth potential would be very attractive to venture capitalists with an understanding of the Media sector.

“This MBO is the culmination of a considerable amount of effort by the management team and Livingstone whose dedication over an extended period has made this deal happen.”

John adds “I have enjoyed a most fruitful relationship with Livingstone since we started working together on the partial buy-in of Campden Publishing three years ago. At a very early stage Livingstone demonstrated an excellent grasp of the dynamics of Campden’s publishing business based on their successful track record in media generally.”

Livingstone’s Technology and Media sector team identified a short list of qualified investors and narrowed the field to a clear favourite: a consortium consisting of Matrix Private Equity and the London-team of international Media and Technology investor Beringea. HSBC provided new banking facilities as part of the deal.

Alex Sheffield, director at Livingstone comments: “With the backing of the incoming private equity investors, John and his team are now poised to further develop this highly scaleable business in its exciting niche markets.

He adds: “This is the third buy-out in the media sector on which Livingstone has advised in the last twelve months, having previously worked on the buy-outs of John Brown Citrus Publishing, backed by Bridgepoint Capital, and of Penton Media, with funding from NVM.”

Alex Sheffield, director
Tel: 020 7484 4734
Email: asheffield@livingstonepartners.co.uk

Graham Carberry, deal leader
Tel: 020 7484 4728
Email: gcarberry@livingstonepartners.co.uk