Coolabi Completes MBO With Support From Edge
The management team behind children’s & family entertainment producer and rights management studio Coolabi today announced that their £4.95 million MBO, funded by Edge Performance VCT, has been finalised.
Edge, a specialist fund in the entertainment sector, partnered with Coolabi’s Chief Executive, Jeremy Banks, and the rest of the Coolabi team, to effect the buy-out and take the company private. The buy-out was made through North Promotions, a company funded by Edge.
The deal gives Coolabi access to additional funds which will allow it to invest in support of its current portfolio of brands (which includes Purple Ronnie, Poppy Cat and The Large Family), develop new properties and grow the business through strategic acquisitions. An initial £1 million will be made available with immediate effect.
Under the terms of the agreement, Coolabi will de-list from the Alternative Investment market. The board will comprise Jeremy Banks as CEO, Gordon Power as Chairman, Tim Ricketts as Finance Director and William Harris as Non-Exec. Director. Coolabi’s management will remain in place with Michael Dee as Director of Content, Zoe Scurfield as Head of Development & Production and Natasha Dyson as Head of Licensing.
Commenting Power said: “Edge is excited to strengthen its involvement with Coolabi. Coolabi has a well-respected portfolio of assets and management team and, with the addition of Edge’s financial support, its prospects are excellent. We have supported the business since becoming a shareholder in November 2009 and we believe that the business will continue to develop under the strategies being pursued.”
Banks added: “We are thrilled to be embarking on a new chapter in our long-standing, successful relationship with the team at Edge. We are, perhaps, in a unique position amongst small independent media companies in the UK of having significant funds available to both develop original content and acquire some of the exciting intellectual property assets and businesses that will undoubtedly become available in the next few years.”