TZP Group has entered into an agreement to acquire This Old House Ventures, LLC and all of its associated media properties, from Time, Inc. TZP partnered with media and publishing executive Eric Thorkilsen, a former Time executive, on the transaction.
This Old House Ventures (TOH) is a multi-platform home improvement brand that produces two television series (“This Old House” and “Ask This Old House”) and publishes a website, print magazine, and a line of books. The company also has capabilities in custom video production, digital marketing, brand licensing, live events and custom publishing. Upon conclusion of the sale, TOH will manage all of its own core business functions, including original television production, digital content and operations, advertising sales, magazine editorial, brand licensing, and marketing. The operations of the company will be based in a new facility in Stamford, CT (www.thisoldhouse.com).
Time will remain involved with TOH through long-term service agreements to provide back office operations including magazine production, consumer subscription marketing, and fulfillment and distribution services.
Mr. Thorkilsen, who has been named Chief Executive Officer of This Old House Ventures, spent 30 years at Time and held a number of senior positions with Time Magazine, People, Sports Illustrated, Martha Stewart Living and This Old House Ventures where he was the founding executive. He is currently the founder and CEO of Lifestyle Media Partners, a strategy, management and production company that develops existing trademarks and intellectual property across multi-media distribution and revenue streams.
“I have been a champion of This Old House for the better part of three decades and it is an honor to be able to rejoin this extraordinary franchise and bring it to a new generation of fans,” said Mr. Thorkilsen. “I could not have made this leap without the support of my partners at TZP, who were steadfast in their resolve that this was a worthy investment.”
The buy of TOH will be the fourth investment made by TZP Growth Partners l, LP, which closed in June 2015 with $177 million of capital commitments. Investments made by TZP Growth range from $10 million to $25 million in companies with up to $8 million of EBITDA. TZP is based in New York (www.tzpgroup.com).
“We see our investment in This Old House Ventures as an incredibly compelling value proposition in the home category, driven by our high regard for the brand’s well-earned stature and reputation,” said Bill Hunscher, a partner of TZP. “Through Eric’s stewardship, we believe that we can carefully accelerate the growth, unlock its enormous potential and ensure that This Old House thrives for years to come.”
Portico Capital, an investment bank that specializes in the information and business services/software sectors, was the financial adviser to TZP Group and Mr. Thorkilsen. Portico has offices in New York and London (www.porticocapital.com).
Time Inc. (NYSE:TIME) is one of the largest media companies in the world with a monthly print audience of over 120 million and worldwide digital properties that attract more than 150 million visitors each month. The company is based in New York (www.timeinc.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-5-16