Magazine publisher Square Up Media is set to acquire media company Factory Media, publishers of Dirt and Cycling Magazine UK, for an undisclosed sum.
The deal with private equity firm Forward Dimension Capital (FDC), owners of Factory Media, include titles in the UK and France, but excludes the German arm of the business.
Square Up Media currently produces Square Mile, Hedge, Foodism and Escapism magazines.
Factory Media, which was founded in 2006 and has 65 full time employees, runs 20 brands across sports and lifestyle.
In 2015 the company ceased production of its print magazines to focus on digital and video production. It claims to receive 6.8m monthly unique users across its portfolio of digital sites, with a monthly “social reach” of 380m.
Tim Slee, chief executive of Square Up Media, said: “We were one of the pioneers of the freemium print model when we launched Square Mile back in 2005, and since then Square Up Media has become renowned for its print products – as well as its websites and events.
“However, with our latest acquisitions, we have developed into one of the most exciting companies in the UK’s media landscape. We now have a broad and robust portfolio across print, digital and events, while remaining true to Square Up Media’s spirit – creating exciting lifestyle products that inspire our readers, as well as us.”
Square Mile lifestyle magazine was launched in 2005 and is distributed for free in the City of London. According to the latest figures from ABC, it has a circulation of around 60,000 copies.
The acquisition of Factory Media follows Square Up Media’s purchase of events company and agency Marshall Harrison in 2016.
An FDC spokesperson said: “Having overseen the successful growth in Factory Media’s digital offering, we are delighted to have sold the business to Square Up Media.
“We have great confidence that Tim and his team will continue to enhance Factory Media’s proposition, particularly in the sports and lifestyle segments.”