August Equity LLP ("August Equity") announced that it has completed the recapitalisation of Imagine Publishing Limited ("Imagine"), a specialist publisher of videogames, computing and digital photography consumer magazines.
Imagine is one of the UK's fastest growing consumer specialist publishers and has strengthened its presence in the videogames, computing and digital photography markets. The recapitalisation provides more flexible working capital funding for the business and included a revolving credit facility from HSBC. The new debt facility has also enabled Imagine to repay part of its loan notes due to August Equity ahead of schedule.
In January 2006 August Equity managed funds provided £7 million of expansion capital to enable Imagine to acquire a portfolio of magazine titles from Highbury Entertainment Limited, which included key titles such as Play, X360, gamesTM, Advanced Photoshop, iCreate and Digital Photographer.