Travers Smith LLP is advising longstanding client Exponent and certain other shareholders on the sale of Dennis, the leading international media group and publisher of The Week in the US and the UK, to Future plc (“Future”), the global platform for specialist media, for a purchase price of £300 million.
Dennis is a leading consumer media subscriptions business based in London, New York and Washington DC. Operating across the Current Affairs and Personal Finance verticals in the UK and US, the portfolio is centred on The Week, The Week Junior, MoneyWeek and Kiplinger brands.
The Travers Smith team was led by Private Equity & Financial Sponsors Partner Ian Shawyer and Private Equity & Financial Sponsors Senior Counsel Alex Dixon, with support from Associates Eilidh Morrison, Jaryd Davidson and Cari Sweeney.
Commercial contracts advice was provided by Partner Richard Brown and Senior Associate Mike Cuthbertson. Tax advice was provided by Tax Partner Madeline Gowlett, assisted by Associate Hugh Brooks and the team also included Finance Partner Donald Lowe, Finance Associate Michael Leadbeater and Employment Partner Alex Fisher.
David McGovern, Partner at Exponent, said: "It has been a privilege to partner with James Tye and his team. In acquiring the business from the estate of Felix Dennis we became custodians of trusted and increasingly important media brands, in particular ‘The Week’. Today, the business is a world class and international subscriptions platform. We are delighted with the outcome and are confident the business will continue on this trajectory under Future’s ownership, an organisation that we and Dennis’ management admire."
James Tye, CEO of Dennis, said: "In the three years that the business has been owned by Exponent, Dennis has been on an incredible growth journey, delivering double digit increases in subscription revenues, a greatly increased US footprint; and significant bottom-line increases. This is a testament to the talented team at Dennis who have helped make all of this happen. We look forward to working with the team at Future to continue growing the reach, influence and value of all our key brands and businesses."
Travers Smith had previously advised Exponent on its investment in Dennis in 2018.
Simmons & Simmons acted as legal advisers to Future.