By Bill Barber 7:55PM 15 SEP 2016
THE Racing Post has been sold to Exponent Private Equity in a deal that was completed on Thursday.
The business, which includes the Racing Post newspaper and its associated weekly print and book titles as well as a range of digital products, had been owned by a consortium led by Dublin-based private equity company FL Partners since 2007.
The Racing Post was launched as a daily newspaper by Sheikh Mohammed, who retains ownership of the trading name, in 1986 and has since developed into a multi-media business. It has offices in London, Newbury and Dublin and employs nearly 300 people.
Exponent is one of the preeminent private equity firms in London. Its investment portfolio includes Immediate Media (publishers of the former BBC magazines), Ambassador Theatre Group, Big Bus Tours, Photobox and Wowcher.
Racing Post chief executive Alan Byrne said: “We will continue our policy of investing to enhance the business and to provide our customers with the best possible service. We are excited by the prospect of working with Exponent whose experience in the media sector will be very helpful in growing our business.”
Oliver Bower, partner at Exponent, said: “We are delighted to be investing in the Racing Post. The brand is a market leader and has a pivotal position in an exciting and growing market. We are looking forward to working with Alan and the team to help the business to reach its full potential.”
Debt finance for the deal has been provided by Hayfin Capital Management, Lloyds Bank and Bank of Ireland.