Television and new media production company Tinopolis has bought Video Arts, a video-based learning provider, for £2.4 million in cash. The acquisition provides an exit for August Equity.
Television and new media production company Tinopolis has bought Video Arts, a video-based learning provider, for £2.4 million in cash. The acquisition provides an exit for August Equity.
August Equity originally backed the management buy-out of London-based Video Arts in 2000.
Video Arts supplies videos and DVDs to more than 100,000 organisations in 50 countries. It was founded in 1972 by television professionals, including the actor John Cleese. The company recorded turnover of £4.9 million turnover and an EBITDA of £671,000 for the year to December 2006.
Based in Wales, Tinopolis is the sixth largest television producer in the UK. For the year to September 2006 it generated turnover of £47.3 million, up 355 per cent from the previous year, and a pre-tax profit of £1.06 million.
Tinopolis chairman Ron Jones says: ‘Buying Video Arts is in line with our stated acquisition strategy of looking for companies that provide value for our shareholders and extend our presence in our major markets. This acquisition moves our existing education and training business in Tinopolis Interactive into a new sector in that industry.’
