Response Global Media, the 14-year-old UK-based publisher of Responsible Investor, is being sold by its its founders for an estimated £12m (12 x EBITDA).
While the deal has not been announced, it is believed the £3m-revenue “ESG/ sustainability” platform is being acquired by PEI Media, the £48m-revenue UK-based publisher of Private Equity International which itself was acquired by Bridgepoint for an estimated £120m (18 x EBITDA in 2017) three years ago.
It is believed that other bidders for Response may have included: Pageant Media, Incisive Media, and the Financial Times.
Response was founded in 2007 by Tony Hay (ex Centaur, MSM and IPE magazine) and Hugh Wheelan, a former journalist who has written on ESG issues for Financial News, The Guardian and Financial Times, and was a former advisor to Amnesty International. They describe the debt-free business, which employs 33 people, as:
- Responsible Investor, the only dedicated newswire covering responsible investment, ESG and sustainable finance with a global subscriber base
- Flagship ‘Responsible Investment’ conferences – RI Tokyo (since 2014), RI New York (2009), RI London (2008)
- Webinars attracting 1,000- 2,000 viewers
- Specialist 40-delegate workshops in cities across Europe, North America and Asia
PEI Media – which acquired the US-based Argosy Group (including Buyout Insider) for £15.2m in 2019 – had 2019 revenue of £47.8m (2018: £33m) and EBITDA of £16.6m (£11.1m).