Imagine Publishing has bought out its investor and is once again an independent media firm.
The move has put the publisher in good spirits, with MD Damian Butt telling MCV Imagine is on course to celebrate its best year ever.
Imagine is responsible for a growing portfolio of 20 magazines, 18 iOS digital editions and 27 websites.
When the firm was formed by Damian Butt, Mark Kendrick, Steve Boyd, investor August Equity provided 7m expansion capital in 2006 to fuel the acquisition of key titles from Highbury and others.
But now the team have bought out August’s stake, generating not just twice the investment cash for the VC firm, but also securing independence for Imagine.
Butt told MCV: We gave August a good return in difficult times. It means the ownership of Imagine is now similar to when we first set up the firm. We are extremely pleased with the deal and 2010/2011 will be our best year ever – by some margin.”