The Coolabi management team has completed its £4.95 million buyout, funded by specialist fund Edge Performance. The buyout was made through North Promotions, a company funded by Edge, in partnership with Coolabi chief executive Jeremy Banks and the management team.
Under the terms of the agreement, Coolabi will de-list from London’s Alternative Investment market. Coolabi’s management team will remain in place, and the board will comprise Jeremy Banks as chief executive, Gordon Power as chairman, Tim Ricketts as finance director and William Harris as non-executive director.
The deal will give Coolabi access to significant additional funds to support its current portfolio of brands, develop new properties and grow the business through strategic acquisitions.
“Edge is excited to strengthen its involvement with Coolabi," says Gordon Power, chairman of the board at 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 by the executive management team.”
“We are thrilled to be embarking on a new chapter in our long-standing, successful relationship with the team at Edge," says Jeremy Banks, chief executive officer of Coolabi. "We are, perhaps, in a unique position amongst small independent media companies in the U.K. 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.”