TV company goes for $87.4 million
LONDON — Welsh shingle Tinopolis, which makes shows for U.S. webs via its subsidiary Mentorn USA, is poised to be acquired by a venture capital group, which has valued the combo at £44.7 million ($87.4 million).The buyer is newly incorporated Red Dragon Acquisitions, formed by London based-private equity outfit Vitruvian Partners. In a statement, Tinopolis independent director Rhys Davies said: “The acquisition by Vitruvian Partners represents an opportunity for Tinopolis shareholders to realize their entire investment in Tinopolis, in cash at a premium to the current Tinopolis share price, within a relatively short period of time. “Moreover, the acquisition fairly reflects the company’s future growth prospects from executing its business plan as a publicly listed company.” Tinopolis, headquartered in the Welsh capital Cardiff, owns U.K. indies Mentorn and Sunset+Vine, and was created by a hostile takeover of another indie, Television Corporation in 2005, led by Ron Jones. Television Corporation’s shareholders included John De Mol, the joint founder of Dutch-based global entertainment giant Endemol. Vitruvian managing partner Toby Wyles said: “We are delighted to be able to support Ron Jones and the management team at Tinopolis in the next stage of the development of the company. “We are keen to work with them and to provide financial support to help accelerate the growth of Tinopolis and to exploit new opportunities as the content and new media industries continue to evolve rapidly.”
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