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3i-backed directory business YBR considers IPO or sale

YBR Group, majority owned by private equity firms 3i and Veronis Suhler Stevenson, has announced that it will be conducting a review of its strategic options which may result in an IPO or the sale of the company.

YBR Group is a pan-European directories services company, operating in printed directories, online and mobile searches and directory assistance in the Netherlands, Finland, Austria, the Czech Republic and Slovakia. It was created in March 2004 through the merger of De Telefoongids, Fonecta and Mediatel. Since its formation, YBR Group has continued to grow its business.

Lex Cohen, CEO of YBR Group, said, 'Following a period of investment and consolidation, YBR Group has developed into a leading directory services business. YBR Group now comprises a geographically balanced set of businesses with complete and complementary skill sets that are well positioned to reap the benefits of both the current trends in print and electronic media based directories as well as the sharing of best practice. The strategic review which we start today will help to position the business for the next phase of its development.'

3i has been very active in the media-publishing sector with recent deals including the purchase of Trinity Mirror's Northern Ireland papers and backing the MBO of Lloyd's of London Press.

VS&A Communications Partners III, managed by Veronis Suhler Stevenson, holds the firm's investment in YBR Group. The firm's investments span most media segments including cable television, magazine publishing, television, radio, business information services, wireless communications towers, exhibitions and trade shows, and directory services.

Directory businesses have been popular among private equity firms in recent years and have produced some very large transactions. The acquisition of Italian yellow pages firm SEAT Pagine Gialle, for example, is the biggest private equity deal ever completed in Europe at €5.6bn.

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