Australia’s Wolseley exits magazine publisher to trade buyer

Nextmedia's portfolio includes Inside Sport, Golf Australia, Tracks, Australian Muscle Car, Bluewater Boats & Sports Fishing, PC PowerPlay, Sound & Image, Camera, Healthy Food Guide and a range of children's titles.

The company was created in 2008 when Wolseley partnered with CEO Dave Gardiner - formerly deputy CEO of ACP Magazines, Australia's largest magazine publisher - and Commercial Director Bruce Duncan to buy four family-owned publishing businesses. Two more bolt-on acquisitions came in 2009 and nextmedia has continued to pick up titles that become available.

Two publications - Inside Cricket and ANZ Snowboarding - were acquired from ACP last year as parent company Nine Entertainment, then owned by CVC Capital Partners, sought to manage its debts.

"Through subsequent acquisitions and licenses, nextmedia has expanded its portfolio to more than 40 specialist magazine titles and a range of books, posters, DVDs, events and websites, e-newsletters and digital communications," said James Todd, outgoing chairman of nextmedia and managing director at Wolseley. "During the past three years the business has delivered outstanding growth and has become Australia's leading specialist publisher and fourth largest consumer publisher."

While Wolseley is fully exiting its stake in the business to Forum, Gardiner and Duncan will retain a financial interest. Gardiner will also continue as CEO.

Forum is a specialist B2B and consumer sector publisher headquartered near Munich, Germany. It operates in 15 countries and employs around 780 people. Ronald Herkert, the company's managing director, said the nextmedia acquisition is part of a wider Australia expansion plan.

Earlier this month, Wolseley exited childcare provider Guardian Early Learning Group to Navis Capital Partners for approximately A$120 million, generating a 2.3x money multiple and a 40% IRR on an investment made two-and-a-half years ago. The firm is also raising its third fund, targeting A$300 million ($279 million) for investments in small to mid-size businesses in Australia and New Zealand.

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• Topics
• Exits
• Media
• Australasia
• Consumer
• Wolseley Partners
• Exit
• Trade sale
• Media
• Consumer
• Australia