London-headquartered GMT Communications Partners has acquired 65 percent of Docu Group, a business publishing company in the construction sector in Germany, Switzerland and Sweden, for an undisclosed sum.
The business, set up by serial entrepreneur Sture Wigart, has sent a letter of intent to one target acquisition and is in M&A discussions “with up to nine other companies in this sector, which is ripe for consolidation” according to Terrence Tehranian, founding partner at GMT, who led the transaction.
At the same time, GMT has announced the sale of Media Publications, a French independent magazine publishing company to Marie Claire, the fashion publishing group. Financial details of the transaction were not disclosed at the request of the purchaser.
Together with a syndicate of other private equity funds, GMT has also agreed in principle to sell their combined 15.5 percent stake in MobiFon, the Romanian mobile phone operator. The transaction, which is subject to regulatory approval, is expected to complete in the third quarter of 2004.
GMT’s pan-European operation was boosted earlier this year when the firm announced the appointment of Massimo Oltramonti, former European managing director of Advent International, to focus on telecommunications and electronic media investments in Southern Europe.
GMT also set up an industry council at the beginning of the year, comprising senior European media specialists to introduce deals and advise on the marketplace.
The firm is currently investing from its €365 million second fund GMT Communications Partners II, which is understood to be approximately two-thirds invested at this stage.