The move to take the business private was funded by Edge Performance in partnership with Coolabi’s chief executive, Jeremy Banks, and the rest of the Coolabi management team. The buy-out was made through North Promotions plc, a company funded by Edge.
Coolabi claims the the deal will provide access to significant additional funds which will allow the company to invest in support of its current portfolio of brands, develop new properties and grow the business through strategic acquisitions. An initial £1 million will be made immediately available.
Under the terms of the agreement, Coolabi will de-list from London’s Alternative Investment market (AIM). 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. Coolabi’s management team will remain in place with Michael Dee as director of content, Zoe Scurfield as head of development & production and Natasha Dyson as head of licensing.
“Edge is excited to strengthen its involvement with Coolabi,” said Gordon Power, Chairman. “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.”
Jeremy Banks, CEO of Coolabi adds: “We are thrilled to be embarking on a new chapter in our long-standing, successful relationship with the team at Edge. We are, perhaps, in a unique position amongst small independent media companies in the UK 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.”