Bob Fairchild, an operating partner at Matrix, will become chairman at Faversham as part of the deal, which sees the firm take a £1.75 million stake in the business. Croydon-based Faversham, led by chief executive Amanda Barnes, publishes business-to-business magazines, including Utility Week, and a number of environmental news websites.

The purchase comes a month after Matrix took a £5 million stake in European recruiter RDL Corporation and follows comments by the firm’s chief executive, Mark Wignall, that ‘valuations have become more attractive’ in the current market.

Matrix investment manager Chris Price, who led the deal, says: ‘Faversham is uniquely placed to benefit from both the strong growth in the environmental sector as well as the continuing media shift towards online assets.’