Business information company Briefing Media Group has completed a management buyout with backing from Lyceum Capital.
The deal provides an exit for Kester Capital, three years after its original investment.
Briefing Media owns Farmers Guardian as well as a growing portfolio of other online and print agriculture brands, including Agrimoney.com.
It also owns a number of events and exhibitions, including LAMMA, the UK’s largest agriculture event, and the British Farming Awards.
The group also operates The Media Briefing, which provides strategy insight and market intelligence for senior decision makers in the media industry.
The business employs 80 people at its offices in Caxton Road, Preston, and London.
The business was founded in 2010 by CEO Neil Thackray, the former chief executive of Nexus Media Communications and Quantum Business Media, and chief marketing officer Rory Brown, previously group marketing director of Incisive Media.
The management team – which also includes chief financial officer Rupert Levy – has since acquired business-to-business media assets, including Farmers Guardian, which Briefing Media bought from UBM in 2012. In the year to December 2014, Briefing Media had revenues of £13m (2013: £11m).
Lyceum, which has invested alongside the management team, will support Briefing Media in its strategy of organic and acquisitive growth through providing premium paid-for content, including online portals Agrimoney and FG Insight, marketing solutions and advertising, and industry events and exhibitions.
The investment team was led by Lyceum partners Daniel Adler and Jonathan Bourn, investment manager Adam Lewis and investment executive Alistair Gray.
Daniel Adler will join the board of Briefing Media along with Lyceum operations and development partner David Harland. Neil Thackray, CEO of Briefing Media, said: “Kester Capital has been a supportive partner for us as we have grown Briefing Media over the past three years, providing us with the backing to build a leading portfolio of assets.
“The business is now well-positioned for its next phase of growth.”