John Brown managers close to buy-out

A three-man management team led by chief executive Andrew Hirsch is understood to be close to agreeing a management buy-out deal to acquire the contract publishing business of John Brown Citrus Publishing.

The deal, said to be worth nearly £33m, is expected to be completed in the next three to four weeks, and has been backed by private equity house Bridgepoint Capital and the high street bank HSBC.

The management buy-out team was advised on the deal by the UK merger and acquisition house, Livingstone Guarantee.

John Brown Citrus Publishing publishes magazines for clients including Sky, Waitrose, Virgin Atlantic and Orange.

It is believed that John Brown will leave the business as soon as the contract is signed. However, the company has declined to comment.

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