Phoenix Equity Partners, a UK mid-market private equity firm, has bought Precise Media Group, a media monitoring and evaluation services business, from private equity firm 3i for £42 million (€62.6 million; $82.4 million).
Precise operates five news monitoring brands, which are Precise Media, EDS Media, Media Report, Clipability and EPCA.
The Royal Bank of Scotland, a UK bank, provided senior debt funding. KPMG provided financial services to Phoenix while UK law firm Eversheds gave legal advice.
Osborne Clarke were 3i’s lawyers and PricewaterhouseCoopers gave financial advice.
Phoenix is an independent private equity fund management business with more than £900 million of funds under management. Phoenix focuses on UK mid-market companies valued at up to £200 million.