In June 2002, Cinven simultaneously acquired Aprovia and MediMedia, the business and healthcare publishing activities of Vivendi Universal. Aprovia, the leading French business-to-business publishing group was acquired for €493 million.
At acquisition, Aprovia published 70 magazines, making it the leading B2B publisher in the French market, and operated 86 trade shows making it the number two operator of trade shows in France.
From the outset Cinven’s strategy was to separate MediMedia from Aprovia enabling the diverse businesses in Aprovia to flourish separately and be sold separately.
In addition to each business unit focusing on its own operating performance, cashflows and non-advertising sources of revenue were developed organically and by acquisition. The disposal of the group involved the sales of the UK and French construction titles, GFA (agriculture titles) and Exposium (trade shows) all for attractive multiples.
The final business of Aprovia was sold in 2007, by which time a multiple of 2.3x our investment had been realised.