PRINT THIS PAGE HgCapital to sell Boosey & Hawkes to Imagem Music for £126m11/04/2008. Source: AltAssets. 
European mid-market private equity firm HgCapital has agreed to sell Boosey & Hawkes, a UK-headquartered classical music publishing and rights group, to Imagem Music for approximately £126m. Imagem Music is the music publishing fund of Stichting Pensioenfonds ABP and CP Masters. Boosey & Hawkes controls the rights to works of music and choreography from classical composers including Stravinsky, Rachmaninoff, Benjamin Britten and Prokofieff. It also works with many famous living composers such as Peter Maxwell Davies, Karl Jenkins, John Adams and Steve Reich.
HgCapital acquired Boosey & Hawkes, then a public company, for £75m in December 2003. In 2003 Boosey & Hawkes made earnings before interest, tax, depreciation and amortisation of approximately £3.3m, which increased to £6.8m by 2007.
Following completion of the transaction, the existing management team, led by chief
executive John Minch, will stay in place.
Nick Turner, part of the Portfolio Management Team, HgCapital, said, 'We are very pleased to have reached this agreement with Imagem Music. Boosey & Hawkes is a first class music publisher that has thrived under HgCapital's ownership and this transaction fully reflects the hard work and success that the company and its management have enjoyed in recent years.'
Minch added, 'In 2003 Boosey & Hawkes was in some difficulties as a public company and going private enabled us to make the radical changes necessary for the survival of the business.'
With €2bn under management, HgCapital focuses on investments with an enterprise value in the £50-£500m range.
Imagem Music recently also acquired music rights catalogues from Universal Music Group, such as Zomba UK, Rondor UK, 19 Music and a major part of the BBC catalogue.
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