Australian-based Wolseley Private Equity said it had exited from nextmedia. The private equity firm, which has USD 350 million of funds under management, sold 100% of its shares in the Australian magazine publisher to Forum Media Group. No financial details about the deal were disclosed. Wolseley said the sale would enable nextmedia to position itself for more company growth.
James Todd, the outgoing Chairman and Managing Director of Wolseley, said nextmedia had expanded its portfolio through acquisitions and licenses. "During the past three years the business has delivered outstanding growth and has become Australia's leading specialist publisher and fourth largest consumer publisher," he added.
Although Wolseley would make a complete exit from the publisher, nextmedia's executive team comprised of Chief Executive Officer David Gardiner and Commercial Director Bruce Duncan would continue to hold financial interest in the company. Gardiner would also remain as nextmedia CEO after the acquisition.
Gardiner said he is looking forward to the partnership with Germany-based Forum. "We will continue further growth and expansion, driven by a common vision and a strong belief in success," he said.
Join the Conversation