MediMedia

Activity
Healthcare publisher
Acquired
Jun 2002
Realised
Oct 2006
Sector
TMT

Business
In June 2002, Cinven simultaneously acquired Aprovia and MediMedia, the business and healthcare publishing activities of Vivendi Universal. MediMedia was acquired for €523 million. Operating in 36 countries, MediMedia was one of the top four largest healthcare content companies in the world.

Strategy
At the time of acquisition, Cinven’s strategy was to separate the two businesses acquired from Vivendi, namely MediMedia and Aprovia, and to increase the focus on their respective core publishing businesses – in the case of MediMedia, on publishing and information services for the pharmaceutical industry.

After a full strategic review, it was confirmed that the core value creation opportunity resided in the U.S. market.

Outcome
Overseen by Cinven, MediMedia sold three divisions of the business: Drug Information Services in July 2004, Trade Press & Services in March 2005 and MediMedia Academic Publishing in July 2005. With the disposals of the non-U.S. activities completed, the MediMedia executive management structure was migrated to the U.S. with Steve Simcox and Mike Burnett assuming the roles of Group CEO and CFO, respectively. The final business of MediMedia was sold in October 2006, by which time a multiple of 3.2x our investment had been realised.