LONDON (Brand Republic) - Quantum Publishing, publisher of Media Week, Press Gazette and The Publican magazines, has been bought by its management from its owner, ports and ferries group P&O, for £20.5m.
The new company is to be renamed Quantum Business Media and will be 47.1 % owned by a management team, headed up by chief executive and founder, Richard Flaye, and 51.4% owned by venture capital firm ABN Amro Capital.
The company鈥檚 sales grew from £600,000 to £6m between 1990 and 1996. In 1997, it tripled in size following its acquisition of 14 titles from Emap.
鈥淪ome 37 people in Quantum now have a stake in the business. This is really going to make a difference as a high proportion of our managers will be even more highly motivated to succeed,鈥 Flaye said.
P&O is currently in a £2bn disposal programme in a bid to transform itself into a transport and logistics company, running ports, freight and a ferry business. It has already disposed of property assets in the UK, including its Bovis construction business and the Earl鈥檚 Court Olympia division.