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Permira to exit All3Media in £550m deal

9 May 2014

UK private equity firm Permira is to sell UK TV production group All3Media to US media companies Discovery and Liberty Global in a deal worth £550m – an EBITDA multiple
of approximately 8.5x.

The exit returned 1.6x to the firm, according to a source with knowledge of the deal.

The US pair formed a 50:50 joint venture to acquire All3Media, the UK’s largest group of independent TV production companies. It comprises over 15 companies and 28 creative centres based in the UK, the US, Germany, the Netherlands and Australasia. Shows include The Only Way is Essex, Hollyoaks, Shameless, Undercover Boss, The Cube, Kitchen Nightmares, Skins, Peep Show and Midsomer Murders.

It was acquired by a company backed by Permira in September 2006 from buyout peer Bridgepoint for £320m.

The company has seen strong growth in the US where production revenue increased 23 per cent in FY2012 after growing more than 50 per cent in FY2011, according to Permira. In 2013, it established a West Coast US ‘creative hub’, providing the infrastructure and relationships to enable its production companies access to the US market.

For the fiscal year ended in August 2013, All3Media recorded revenues of approximately £505m.

Permira previously touted the company back in 2011, but withdrew it from sale after bids failed to meet its expectations.

The firm recently agreed a deal to buy secure remote support software business TeamViewer.

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