Oakley Capital Private Equity LP (“OCPE”) is pleased to announce the successful completion of the Initial Public Offering (“IPO”) of Time Out Group plc (“Time Out” or the “Group”) raising £90 million (gross).
OCPE invested in Time Out to support the transformation from traditional print based media such as magazines and guidebooks to digital and mobile platforms. Since OCPE’s initial investment, Time Out has significantly grown and developed its digital media and ecommerce business, transitioned the magazines to a free print model in key geographies, consolidated the brand ownership by acquiring back the key licensee territories and acquired the Time Out food market in Lisbon, Portugal.
Time Out now has its largest audience in its 48 year history with an audience reach of approximately 111 million per month across all platforms and has a broad global network comprising owned and operated operations in 65 cities and 14 countries and brand licensees in another 42 cities across 25 countries. The proceeds from the IPO after debt repayment and transaction costs will be used by the Group to invest in sales and marketing, further development and growth of its digital media and ecommerce platform and in replicating the Time Out food markets concept in new cities.
Peter Dubens, Director, commented: “This investment is another example of Oakley leveraging its entrepreneurial, digital and operational experience and expertise to fund and support a complex strategic transformation. Time Out’s successful listing is a clear endorsement of the company’s transformation over the past five years and its prospectus for value generation in the future. We are a committed shareholder in the business and we look forward to the company going from strength to strength under the experienced management led by Group CEO, Julio Bruno.”
Julio Bruno, Time Out Group CEO, commented: “Since its inception 48 years ago, Time Out has been discovering the ‘brilliant’ and searching out the ‘extraordinary’ of city life. As we look forward to the next phase of our development, we will continue to put cities in the palm of consumers’ hands, providing them with curated content across our platform and inspiring them to discover, book and share the best that the world’s most exciting cities have to offer. This is a milestone event for Time Out and I’m delighted that Investor demand has been strong. I’m pleased to welcome on board our new, high-quality institutional shareholder base and look forward to delivering on our strategy as a listed entity which includes further investment in the Group’s media, e-commerce and markets businesses.”