21 Centrale Partners, the French arm of French and Italian mid-market firm 21 Partners, will pay €20 million for the publishing operations of Jet Multimedia.
Jet Multimedia, a group offering internet and mobile-phone services, is listed in Paris with a market capitalisation of around €48 million.
The new entity will new be run by the incumbent head of the division, Eric Peyre.
The management buyout is funded from 21 Centrale’s third fund, which closed on €330 million in November 2006.
21 Centrale Partners in France and 21 Investimenti in Italy comprise 21 Partners, which has around €1 billion in assets under management.
In November, the firm added perfume sample manufacturer Biopack to portfolio company Nord Est-Ileos for an undisclosed amount, while back in February it teamed up with fellow European buyout firm Quadriga Capital to acquire French lingerie company Lejaby for €32.5 million.