Experienced fraternal financiers Edi and Danny Truell have teamed up again to complete a “significant” growth investment in multimedia publisher Imagine Publishing to support the next phase of its global expansion.
The pair, who created the £500m Tungsten Corporation last year to capitalise on banks divesting their assets, have been Imagine investors since it was formed in 2005.
Both brothers will assume the majority shareholding following the latest investments, which will see company co-founder Damian Butt, Steven Boyd and Mark Kendrick retain significant stakes in the business.
Imagine publishes 19 regular print magazines, 50 digital apps, more than 250 bookazine and 29 websites, and claims one of its magazine is bought every ten seconds on average.
Butt told AltAssets the firm had profits of £5.6m, which would value the company at about £40m given the average multiple for a media company with a digital aspect.
Edi Truell, pictured, said, “I’m delighted to continue to back and at a bigger scale an innovative management team who are true mobile device pioneers, being one of the first to put their content on the iPad, and the first to publish all their titles on every platform.
“The team is now ideally positioned to lead and transform the migration of published content to digital platforms worldwide.”
Edi, who previously founded UK private equity firm Duke Street, has almost 30 years of experience in pensions, buyout and debt markets.
Four months ago London Mayor Boris Johnson named him chairman of the London Pensions Fund Authority, at £4.2bn the UK’s largest local government pension scheme with more than 80,000 members.
He stepped down from Pension Insurance Corp, a risk management business he and Danny founded, last September.
Danny, the chief investment officer of the £14.5bn Wellcome Trust charity, was previously a managing director at Goldman Sachs after beginning his career working in the Asian financial markets.
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