Media group UBM has sold a range of its farming and medical titles to the founders of Briefing Media for £10m.
The new business will be known as Briefing Media Group, to be led by Neil Thackray and Rory Brown. The purchase was backed by private equity fund GCP Capital Partners.
The agriculture portfolio comprising the Farmers Guardian and Dairy Farmer titles and their associated online offerings is based in Preston and employs 57 staff.
The London-based General Practitioner portfolio is also part of the deal and employs 33 staff. It includes the Pulse and Practical Commissioning magazines and their digital and event products NAPC, the Mental Health Forum, Pulse Seminars, as well as Pulse Learning.
The deal is expected to be finalised within six weeks with the assets involved generating revenues of £12.1m in 2011.
UBM retains ownership of the Cropworld conference and the Chemist and Druggist magazine and data product portfolio.
UBM has separately sold its Daltons business to Innovare Media. Daltons was the surviving web-based marketplace version of the former Daltons Weekly trade publication founded 140 years ago.
UBM CEO David Levin said he was “very pleased” to have passed the titles to a new management team.
“These transactions, together with the previous sales of France Presse, Consultant and other assets bring the total gross consideration from UBM disposals announced since 1 January 2011 to more than £25m. These transactions also mark a further significant step in the transformation of UBM into a set of events and other B2B marketing, communications, and data services businesses serving attractive global communities across a variety of media.”
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