Olswang advises Better Capital on its acquisition of Reader's Digest UK
24 April 2010
Olswang advised the Better Capital Fund on its acquisition of the UK business of Reader’s Digest in a transaction in which Better Capital anticipates investing a total of £13m to finance the transaction and fund future growth. The transaction is the second acquisition made by the fund following its acquisition of the Gardner Group Limited in February this year.
Reader’s Digest UK is a direct marketing business selling books, music CDs, DVDs and other products to its customer base of over 600,000 individuals. It also publishes a monthly magazine which is sent to nearly half a million subscribers and regularly operates prize draws for large sums of money.
The deal involved the acquisition of the trade and assets of Reader's Digest UK from its Administrators and the negotiation of a licence agreement from Reader's Digest Association, Inc. to enable the UK operations to trade under the Reader's Digest brand.
The Olswang team was led by corporate partner Duncan McDonald supported by Jamie McIntyre-Brown, Iain Stansfield, Marc Dautlich, Luisa Hoffman and others.
