Oakley buys half of Time Out

The deal is understood to value the entertainment and guide book publishing company at around £20m.

Oakley Capital has acquired 50 percent of Time Out in a deal understood to value the publishing business at £20 million (€24 million; $32 million). Financial details were not disclosed.

Time Out: poised for future development

Founded in 1968, Time Out is a global listing publisher producing print magazines and guide books as well as publishing via online channels. The company has a global audience of 17 million a year, said a statement from Oakley, and last year increased its online usership numbers by 38 percent to 7.5 million. Of its online users, two million are London-based.

The company was unveiled earlier this year as the official publishing partner of the 2012 London Olympic Games.

Peter Dubens, director of Oakley Capital, described the company as providing “first class editorial on culture and entertainment to over 50 cities around the world” for the last 42 years.

Tony Elliott, the founder of Time Out, said he had been considering “many potential investors” over the last seven years to help take the brand “to the next level of development” and that Oakley’s “entrepreneurial operational focus” made it the right choice.

London-headquartered Oakley recently celebrated the first exit from its debut fund, Oakley Capital Private Equity, when it auctioned off web-hosting business Host Europe to Montagu Private Equity for £222 million (€266 million; $345 million). The sale generated a return of three times its initial investment.

The fund had raised €288 million as of June and its largest LP is the AIM-listed feeder company Oakley Capital Investments.