Truell brothers acquire majority stake in Imagine Publishing
Funding will be used for international expansion and to move publications to tablet devices
Investors Edmund and Danny Truell today announced that they have completed a major investment in Imagine Publishing, giving them a majority stake in the business.
The investment will facilitate the next phase of the multimedia company’s expansion into overseas markets, notably India, the USA and Australia. The funds will also be used to move more of the company’s print publications onto tablet devices.
Worldwide tablet shipments grew by 80% in 2012 and the firm wishes to take advantage of this market.
Since foundation in May 2005 Imagine has grown to publish 19 print magazines, 50 digital apps and 250 ‘bookazines’ in the science, technology, videogames and photography markets.
The firm posted revenues approaching £20m in 2013, and it claims that an Imagine magazine is purchased every ten seconds.
Imagine was also named in the Sunday Times Profit Track 100 of the UK’s fastest-growing companies after recording 63.04% profit growth between 2009 and 2012.
Under the deal, the Truell brothers will acquire a majority shareholding with the company’s co-founders Damian Butt, Steven Boyd and Mark Kendrick retaining significant stakes in the business.
Investor Edmund Truell, who heads up investment partnership firm Disruptive Capital Finance and is chairman of the London Pension Fund Authority, said: “I’m delighted to continue to back and at a bigger scale an innovative management team who are true mobile device pioneers, being one of the first to put their content on the iPad, and the first to publish all their titles on every platform.
“The team is now ideally positioned to lead and transform the migration of published content to digital platforms worldwide.”