Private equity firm Exponent is to acquire Dennis Publishing, the business behind The Week magazine, with proceeds of the sale helping to plant a new woodland.
Exponent, which helped launch Immediate Media and Gorkana Group, purchased Dennis for an undisclosed sum. It said it will focus on growing both its print and digital platforms.
Dennis is a consumer media and e-commerce business based in London and New York. Its portfolio consists of over 30 brands specialising in current affairs, technology, automotive and special interest.
In addition to The Week, it publishes MoneyWeek, The Week Junior, BuyACar.co.uk, Auto Express, Computer Active, Cyclist and Viz.
The proceeds of the sale will go to the Heart of England Forest, a charity which founder Felix Dennis established before his death in 2014.
The endowment will enable the charity to create Felix’s “ambitious vision” of planting and maintaining the largest contiguous, broadleaf woodland in the UK for more than a century.
“Dennis is a unique, innovative and dynamic publishing and e-commerce business,” said David McGovern of Exponent.
“We believe that there is a significant opportunity to grow both its print and digital platforms, which will allow it to reach and engage even more readers and customers.”
James Tye, Group CEO of Dennis, added: “As partners, we share the belief that innovation and ambition are the keys to success and it’s this shared vision that will propel Dennis to its next phase of growth.”
