Apax Partners

Creating the environment to allow ambitious management to flourish

Faced with a consolidating market and the inability to participate, owing to the ownership structure of the business at the time, the management team of listed B2B publisher Incisive Media was looking for a strategic partner that could help it achieve the ambitious growth it planned.

Founded by CEO Tim Weller in 1994, the company had initially grown organically and then through a series of significant acquisitions having floated on the main market of the London Stock Exchange in December 2000.

Recent M&A activity in the B2B publishing markets meant that there was no time to lose.

“We were trading at what we considered to be an unfair discount to our peers and were finding it difficult to raise the capital (both debt and equity) we needed to be on the public markets to be an active participant in the consolidation in our sector. Obligations faced by the senior management team as a listed business also meant we had to spend a considerable amount of time out of the business on investor relations.” Tim Weller, CEO

With a return to private ownership seen as the best means of achieving the management team’s ambitions, a management buyout with Apax Funds as the backer was an attractive option.

“Apax has an extremely good track record as a media investor and the media team, led by Stephen Grabiner, is, rightly, one of the most respected teams in Private Equity. Given that the chemistry was great we felt that we would be able to work very well with Apax and that they would give us the financial support and experience we needed, whilst still leaving us to run the business.” Tim Weller, CEO

Apax Partners, attracted by the strength and track record of the management team and recognising the opportunity for consolidation, was keen to be involved.

Released from the shackles of public ownership, the management team set about achieving their ambition of creating a leading global business-to-business media company. The acquisitions of MSM international, VNU’s UK operations and Central Banking Publications followed in quick succession.

The purchase of US-based publisher ALM in July 2007 for US $630m rubber stamped Apax Partners’ commitment to the strategy, giving Incisive Media a significant presence in the United States and almost doubling its global headcount.

“Since the buyout, our most significant investment, by some distance, has been the acquisition of US-based ALM... the way that Apax threw know-how, resources and people at the deal was breathtaking. It was a great example of management and private equity being totally aligned.” Tim Weller, CEO

Incisive Media is recognised as one of the world’s fastest growing B2B information providers serving the financial and professional services markets globally, in print, in person and online. With strong management backed by a committed and experienced investor, that growth looks set to continue.