Cinven acquired IPC from Reed International for €1.4 billion in January 1998. At the time of acquisition, IPC, the leading publisher of consumer magazines in the UK, published 67 titles in 26 market sectors including women's weeklies, home interest, fashion and TV weeklies. Its subsequent merger with LH Media, another Cinven investment, in October of the same year, added 26 specialist consumer magazines in 8 market sectors.
Cinven's strategy was to provide the necessary resources to enable IPC to develop organically and through appropriate acquisitions. The management was strengthened by the appointment of a new Chairman and other high profile appointments from the magazine industry.
New reporting structures, treasury management and cost controls were introduced, enabling the company to reduce operating costs and enhance profitability. Selling or merging weaker titles and launching new, successful titles continuously reshaped the magazine portfolio.
IPC was successfully sold to AOL Time Warner in October 2001.