H1 2019 Media Sector Review

J U L Y 2 0 1 9

Trillium Partners Limited 23 Berkeley Square London W1J 6HE T +44 (0)20 3008 8375 F +44 (0)20 3008 4797

Philip Mastriforte

Stephen Routledge

Trillium's DNA, as many of you know, is providing thehighest quality, independent advice to corporates ontheir strategic options, the full range of M&Atransactions and accessing the private equity and debtcapital markets.

Amongst other things, Trillium is a trusted adviserto UK listed companies focused on creating enduringadvisory relationships. Over the last 30 years, theTrillium team has advised some 50 UK listedcompanies on a comprehensive range of M&Amandates including private company acquisitions,public offers, Rule 3 adviser, strategic options reviewsand asset sales. Previous listed clients include BPP,Centaur Media, Electric Word, Informa, INM, MetalBulletin, UBM and Wilmington.

Whilst UK public companies have been a core clientconstituency for us for over three decades, we believethat now, more than ever, driven in no small measureby the higher costs of MIFID II and the strategic re-focusing of our industry, many of them are poorlyserved, if served at all, by their existing advisers.

This sentiment is shared by Alex DeGroote, whojoined us in March after a 20-year career as a highly-respected, top-rated equity research analyst at leadingUK middle-market broking firms, with roles at CenkosSecurities, Peel Hunt and Panmure Gordon. During

his City career, Alex advised on IPOs and fundraisings(including Rightmove, Mood Media and JohnstonPress) and has worked with listed companies acrossthe sector spectrum (including DMGT, Reach, STVand WPP). His in-depth industry expertise is widelyrecognised and Alex is a frequent media commentatoron television and radio, at industry events and online.

Our H1 2019 review will examine further the issuesfaced by UK PLCs due to the structural changes in theadvisory market and provide an overview of Mediasector stock market performance, recent M&A andfund raising activity in the UK and continentalEuropean Media sectors and our recent M&Atransactions in the Events, Information Services andHealthcare Communications sectors.

We hope you enjoy this review and would welcomeany feedback you have on how we could improve itin the future.

Welcome to our rebranded, content-enriched H1 2019 sector update!

A M E S S A G E F R O M T R I L L I U M ' S F O U N D E R S

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UK Media sector stock market performance

UK Media sector M&A and IPOs

Top 15 H1 2019 European Media M&A transactions

H2 2019 outlook

Trillium’s H1 2019 deal activity

Our PLC experience

Our sector focus

UK Media sector trading multiples

Disclaimer

This document is being furnished for informational purposes only and does not constitute an offer to sell orthe solicitation of an offer to purchase any security, future or other financial instrument or product by TrilliumPartners Limited (Trillium) or any of its respective shareholders, directors, partners, officers, employees,representatives, agents or advisers. It is not intended to form the basis of an investment decision and hasnot been verified. It is subject to material updating, revision and further amendment.

Trillium makes no recommendation or representation as to, and accepts no responsibility or liability for,the accuracy or completeness of the information contained herein or any other information, whether writtenor oral, made available and any liability therefore is expressly disclaimed. Such information is presented as ofthe date and, if applicable, time indicated and Trillium does not accept any responsibility for updating anysuch information.

Any simulations, projections, valuations and statistical analyses contained herein have been provided toassist the recipient in the evaluation of the matters described herein; such simulations, projections, valuationsand analyses may be based on subjective assessments and assumptions and may utilise one among alternativemethodologies that produce differing results; accordingly, such simulations, projections, valuations andstatistical analyses are not to be viewed as facts and should not be relied upon as an accurate representationof future events. No representation or warranty is given as to any of the simulations or analyses, or as to theachievement or reasonableness of any future projections or estimates, contained in this document.Actual results may differ considerably from the projections, simulations, valuations and statistical analysescontained herein.

Trillium is not an adviser as to legal, taxation, accounting or regulatory matters in any jurisdiction, and is notproviding any advice as to any such matter to the recipient of this document. The recipient should take theirown independent advice with respect to such matters. This document should not be relied upon in making anyinvestment decision and independent advice should be obtained.

This document is intended to be distributed to limited eligible recipients. In the UK, this document is intendedfor use only by persons who have professional experience in matters relating to investments falling withinArticles 19(5) and 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order2005 (as amended), or to persons to whom it can be otherwise lawfully distributed.

Recipients of this document in jurisdictions outside the UK, or who are not eligible, should inform themselvesabout and observe any applicable legal requirements in relation to the receipt of this document.

Trillium is an English private limited company registered under company number 07011410. Trillium'sregistered office is 10 - 12 Barnes High Street, London SW13 9LW, and its trading address is 23 BerkeleySquare, London W1J 6HE; telephone (+44)(0)20 3008 8375; fax (+44)(0)20 3008 4797.

Trillium is authorised and regulated by the Financial Conduct Authority under number 571976 in relation toadvising on and arranging deals in investments.

About Trillium Partners

C O N T E N T S

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Large and mid cap

The FTSE350 Media sector - which includes the bulk of theUK quoted companies by market value - has rallied by 15% since the start of 2019.In context, the FTSE All-Share is up by 10% over the same period. That said, thesector is a lot smaller in absolute terms in 2019, with the likes of Sky, UBM and ZPGhaving been taken over and delisted in 2018.

Over the longer term, the UK Media sector has comfortably outperformed (+160%)the wider UK market (+44%) over the last decade. This reflects significant investorinterest in the sector and the emergence of new market-leading, digitally-focused,higher growth businesses.

The best performing large/mid cap UK Media stocks YTD include Future, DMGTand the suite of digital “pure plays”, such as Autotrader and Rightmove. Only twocompanies have conspicuously failed to participate in this sector rally, ITV andPearson. In both cases, there has been negative earnings momentum and, in thecase of ITV specifically, growing concerns over industry competition.

These divergent valuation trends are further explained on page 11 where weconsider the Digital, Marketing Services, B2B, B2C and Broadcast/Productionsectors in more detail.

0%

5%

10%

15%

20%

Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 Jun-2019

FTSE All-Share FTSE 350 Media & Photography

+15.7%

+10.0%

Small and micro cap

Outside of the large/mid caps, performance trends are much less clear-cut. AIM –the broadest market barometer of small cap investing – is up slightly YTD. But thismasks a number of “blow-ups”, including in the Media sector. Of note, sharetrading volumes are down 25% YoY.

Small caps also face a number of structural challenges, which are unlikely to abatein the near term and will lead to further delistings (see Albert Tech). These are poorliquidity; reduced research coverage caused by MIFID II; fund outflows; inability toraise equity capital; and concerns over IHT relief ceasing on AIM holdings.

800

850

900

950

1,000

Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 Jun-2019

FTSE AIM All-Share (^AXX) - Index Value

-15%

25%

65%

105%

145%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

FTSE All-Share FTSE 350 Media & Photography

+159.6%

+44.2%

U K M E D I A S E C T O R S T O C K M A R K E T P E R F O R M A N C E

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+6.6%

Source: Capital IQ

U K M E D I A S E C T O R M & A A N D I P O S

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IPOs

In the US, a number of high profile “Unicorns” have floated, such as Pinterest andUber. This enlarges the global investment universe for Social Media ande-Commerce investors.

The UK IPO market, on the other hand, has been very becalmed YTD with modestnew issuance overall. This, in turn, cuts off a familiar exit route for many strategicand PE investors, as well as affecting the traditional supply of growth capital forsmaller corporates.

If the UK IPO market remains effectively shut, corporates (and sponsors) need tobe aware of alternative financing options.

M&A

The UK Media M&A market has been consistently vibrant over the last four yearsand has maintained momentum in H1 2019, with a slight increase in YoY dealvolume, in spite of the Brexit-dominated backdrop. Corporates continue to featuremost heavily in the buyer landscape, accounting for over 85% of the deal activityover the reported period.

estimated that there were 119 completed M&A deals in UK Media. This is slightlyup in volume terms on the previous year, in spite of the Brexit-dominatedbackdrop. So what were some of the deals underway in H1 ? And which sub-sectors have featured most ?

Source: Capital IQ

Traditional consulting groups - including for example, Accenture, which ispublicly quoted - remain active in marcoms M&A. Acquisition interest stretchesfrom OOH and media buying to digital transformation, healthcare and tech-ledagencies.

Amongst the mid/smaller cap PLCs, we have seen the likes of Future and CentaurMedia develop and refine their scope of business activities through M&A,the former expanding further in to the US, the latter shedding a number ofnon-core assets.

Private equity (PE) firms of all sizes also continue to be attracted to the Mediasector – with a particular fondness for the information services, data andanalytics, events and marcoms sub-sectors - and have been very active in H1 2019.

Recent large transactions have included Charterhouse Capital’s £500m+ publicoffer for events combine Tarsus Group, Ion Investment Group’s purchase ofAcuris for £1.4 billion and the sale by WPP of a 60% stake in Kantar to BainCapital, which values the business at some $4 billion.

We expect this trend to continue, due primarily to the weight of private equity“dry powder” and fairly buoyant credit markets.

In H1 2019, 119 M&A deals completed in UK Media across a wide range of sub-sectors including content production, publishing, marketing services, data andanalytics and events. M&A remains a key growth driver for corporates.

Amongst UK PLCs, Euromoney, Dods, Informa and Entertainment One havealready been acquisitive, and the likes of S4 Capital and Reach have also signalledthat more M&A is likely from them later this year. In the unquoted space, the likesof Dennis, Haymarket and BBC Studios have been notably active in H1 2019.

253 261

229 216

103 114

14 11 15

13

7 5

2015 2016 2017 2018 H1 2018 H1 2019

Nu

mb

er o

f d

eals

UK Media M&A by acquiror type

Corporate Buyers PE Buyers

Date announced

Vendor(s) Target name Target country

Acquiror Acquiror country

Transaction value (£m)

13/05/2019 BC Partners, GIC Acuris ION Investment Group 1,350

25/01/2019 Vostok New Ventures Ltd OOO KEH eCommerce Russia OLX B.V. Netherlands 881

*05/03/2019 Vivendi SA (ENXTPA:VIV)Ubisoft Entertainment SA (ENXTPA:UBI)

Tencent Holdings Limited# & other investors

369

26/02/2019 DLJ South American Partners, L.P. Grupo Santillana de Ediciones, S.L. SpainPromotora de Informaciones, S.A. (BME:PRS)

Spain 268

01/04/2019 Discovery , Inc. Seven UKTV Channels UK BBC Studios Distribution Limited UK 183

11/04/2019 Stripes Group, LLC Audio Network Limited UK Entertainment One UK Holdings Limited UK 179

06/02/2019 Graham Holdings Company Gimlet Media Inc. USA Spotify Technology S.A. (NYSE:SPOT) Sweden 151

*25/01/2019 International Sports Capital HK F. C. Internazionale Milano S.p.A. Italy LionRock Capital Limited (Hong Kong) Hong Kong 130

06/02/2019 Anchor FM Inc. Anchor FM Inc. USA Spotify Technology S.A. (NYSE:SPOT) Sweden 120

03/01/2019Target Partner GmbH, Cipio Partners GmbH, Prime Technology Ventures and Northcap Partners

Falcon.io ApS Denmark Cision Ltd. (NYSE:CISN) USA 100

03/06/2019 KIXEYE, Inc. KIXEYE, Inc. USA Stillfront Group AB (publ) (OM:SF) Sweden 95

01/03/2019 MoNa Mobile Nations, LLC MoNa Mobile Nations, LLC USA Future plc (LSE:FUTR) UK 91

*23/01/2019 Schibsted Classified Media Spain Schibsted Classified Media Spain Spain Schibsted ASA (OB:SCHA) Norway 87

01/02/2019 Informa plc Life Sciences Media Brands Portfolio UK MJH Associates, Inc. USA 76

01/03/2019White Peak Investments (IOM) PCC Limited, Crescent & Star Investment Company LLC

United Media Agency Russia Mail.ru Group Limited (LSE:MAIL) Russia 73

*Minority investment; # 5% of Ubisoft

T O P 1 5 H 1 2 0 1 9 E U R O P E A N M E D I A M & A T R A N S A C T I O N S

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Broad sectoral/geographic/buyer mix...podcasting an emerging M&A sector

Source: Capital IQ

All deals are completed

MSCI World Index

Source: Capital IQ

1,800

1,850

1,900

1,950

2,000

2,050

2,100

2,150

2,200

Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 Jun-2019

FED ready to put rates on hold if necessary

US suspends the increase in tariffs on $200 billion Chinese imports

EU grants Brexit extension until 31/10

US increases tariffs on $200 billion Chinese imports from 10 percent to 25 percent

FED hints at rate cuts

H 2 2 0 1 9 O U T L O O K

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World stock markets have performed well in H1 19 (S&P 500, +17.2%; FTSE 100,+10.3%; Nikkei, +8.8%). This is in spite of background market concerns overUS/China trade wars and deteriorating GDP forecasts in Europe. It now looks as ifcentral banks around the world are entering a new easing cycle, when US monetaryconditions are already loose. This should be consistent with further rises in publicmarkets in H2.

Brexit remains unresolved. The uncertainty is well priced-in, however, with the UKremaining a lowly-valued market, on a multiple of around 12.5x PE. That is cheapcompared with other markets, notably the US (c18x). Hence, we expect the UK toremain attractive for M&A across all sectors, particularly for overseas buyers.Likewise, with only modest GDP growth in the background, inorganic growth willbe pursued by ambitious corporates.

In the Media sector, the Kantar deal should complete in early 2020,enabling WPP to strengthen its balance sheet significantly. Naspers, theSouth African Media/Internet group, will be re-listing its consumer internet assetson Euronext (Amsterdam). We expect to see further scale/diversification plays inthe Entertainment sector, akin to the Comcast/Sky and EntertainmentOne/Audio Network deals, more transformational M&A in the Data & Analyticsand Events sectors from the likes of Ascential, DMGT and Euromoney andfurther Marketing Communications M&A activity driven by technology andagency/client realignment.

Britbox, the UK domestic SVOD platform, should be launched in H2, with backingfrom ITV, the BBC and other PSBs. We now know the Britbox customer price pointis £5.99 pcm and that ITV will have 90% equity ownership of the venture. Contentin this sector remains a key area of differentiation, and Sky has recently announceda doubling of its own production budgets.

Advertising – in all its various forms – remains one of the biggest sector revenuestreams. The outlook for advertising in the near term has deteriorated slightly, withGroup M revising down their global growth forecast from 3.6% to 3.4%. Mobile willcontinue to drive industry growth.

Finally, we expect further news in H2 on the benefits of 5G, with its faster data-transfer speeds, lower latency and improved IoT connections. In time, 5G willimpact almost all aspects of the Media sector.

Advised Clarion Events onthe sale of FMB eventsto Easyfairs

FMB comprises two highly respectedGerman events serving the mechanicalengineering industry, FMB North andFMB South. FMB North is therecognised regional event for engineers,product developers and buyers acrossvarious mechanical engineeringdisciplines. FMB South was launched in2017 as a complementary show. The twoevents attract nearly 7,000 visitors and700+ exhibitors.

Advised Incisive Health on thesale of the company to UDGHealthcare PLC

Incisive Health, a UK-based healthcarepolicy and communications consultancy,will join Ashfield Communications andAdvisory, a wholly-owned subsidiary ofUDG, and will be acquired for a totalconsideration of up to £13.6 million($17.7 million).

Advised Upper Street Eventson the sale of the company toImmediate Media

Upper Street is a UK-based eventscompany that produces consumer eventsin passion-led markets such as Art &Design, Hobby & Craft and Active Lifestyle.The focused portfolio of market-leadingconsumer events includes London Art Fair,New Designers, Festival of Quilts, CountryLiving Magazine Fair, The Cycle Show,Move It and Adventure Travel Show.Livingbridge, a mid-market private equityfirm based in London, had invested in andsupported Upper Street since 2014.

Advised Immediate Media on thesale of Cyclingnews and Procyclingto Future plc

Cyclingnews is a leading online destinationcovering the sport of professional roadcycling. The site is the passionate cyclingfan’s first port of call for the latest news,race results, live race coverage, racephotography, interviews and exclusivefeatures. Procycling is a high-qualitymagazine that serves as the authoritativevoice of international professional roadracing.

Tom Bureau, CEO at Immediate Media, commented:

“Cyclingnews and Procycling are two fantastic brands that reach passionate, highlyengaged audiences around the world. We are proud of having helped these brandsgrow, and we believe they will continue to thrive under Future’s ownership. Trillium hassupported us throughout the sale process with the utmost professionalism.”

Julie Harris, CEO at Upper Street Events, commented:

“We are delighted that Upper Street Events has found a fantastic new home. Followinginvestment from Livingbridge, the business has been transformed, and is well positioned forcontinued strong growth. Immediate Media is a world-class multi-platform media business,with large scale brands and audiences that complement many of Upper Street’s passion-ledconsumer events. The quality of Trillium’s advice and support helped enormously inensuring a successful outcome.”

March 2019January 2019 February 2019 May 2019

T R I L L I U M ’ S H 1 2 0 1 9 D E A L A C T I V I T Y

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We completed four disposals in B2C Events, Consumer Publishing, B2B Events and Healthcare Communications, reflecting our broad sector expertise

Our team has concluded nearly 100 PLC-related transactions, including:

- 25 offers for PLCs- 20 business disposals by PLCs- 11 business acquisitions by PLCs- 8 mergers- 6 Rule 3 adviser

In addition, Trillium has undertaken some 20 strategic options reviews for UK PLCs

28%

22%22%

12%

9%7%

O U R P L C E X P E R I E N C E

9

Over the last 30 years, we have advised some 50 UK PLCs on a comprehensive range of M&A mandates, including public offers, Class 1 transactions and Rule 3 adviser

Business acquisitions

Mergers

Rule 3 adviser

Strategic options reviews

Offers for PLCs

Business disposals

Acquisition of Econsultancy

2012-2014 | £24.5m

Acquisition of Emap with Apax Partners

2008 | £1.2bn

Disposal to Euromoney

2007 | £210m

Acquisition of Granada Learning from ITV

2006 | £53m

Merger with Taylor & Francis

2004 | £550m

Disposal of Cyclingnews and Procycling to Future

2019 | Undisclosed

Disposal of Customer Tech and Care portfolios to CloserStill and Building portfolio to Assemble Media

2018 | Undisclosed

Disposal of Electric Word’s controlling interest in iGaming Business to Clarion Events

2016 | £19.7m

Public takeover of Quercus Publishing

2014 | £12.6m

Acquisition of Future music portfolio and associated fund raising

2013| £10.2m

O U R S E C T O R F O C U S

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Our clients typically operate in one or more of these industry verticals

Creative

Data & analytics

eCRM/lead generation

Healthcare

Marketing technology

Media planning/buying

Mobile

Public relations

Social media

Marketing Communications

Analytics

Case studies

Company, sector & market intelligence

Conferences & exhibitions

Data

Directories

Forums & awards

Journals

Research & consultancy

Information & Events

Education services & technology

E-learning

For-profits schools

Professional training

Publishing

Vocational training

Education & Training

Cable, Satellite & FTA

Cinema

Mobile, Online & OTT

Podcasting

Radio

Social video

Entertainment

Games

Music

News

Sports

Broadcasting& Content

Company Market cap (£m) Revenue 2018 EBITDA 2018 EV/Rev EV/EBITDA P/E

Autotrader 5,630.0 334.4 226.0 17.8x 26.3x 32.5x

4imprint 760.4 685.6 49.6 1.1x 19.3x 30.8x

GoCompare 382.5 162.0 47.6 2.8x 9.5x 12.3x

Moneysupermarket 2,202.7 352.6 140.4 6.1x 15.2x 23.3x

Rightmove 4,776.7 267.8 202.0 17.8x 23.6x 30.5x

DIGITAL 9.1x 18.8x 25.9x

Be Heard 11.0 29.5 2.8 0.5x 5.4x 7.3x

Cello Health 109.5 98.5 14.0 1.1x 7.8x 11.6x

Ebiquity 41.3 81.0 11.3 0.9x 6.3x 10.6x

Huntsworth 323.5 196.7 29.4 1.7x 11.5x 17.1x

Jaywing 11.2 36.7 3.0 0.5x 5.7x 5.8x

Kin & Carta 146.8 178.0 20.4 1.0x 8.4x 6.9x

M&C Saatchi 264.9 269.0 33.5 1.0x 7.9x 16.7x

Mission 76.0 78.7 9.5 1.1x 8.9x 11.2x

NFC 408.4 163.1 26.5 2.6x 14.5x 24.8x

System One 27.9 26.9 2.8 1.0x 8.5x 9.8x

WPP 12,315.2 12,992.0 1,307.0 1.2x 6.8x 7.7x

YouGov 530.3 119.0 18.7 4.2x 25.2x 35.3x

MARKETING SERVICES 1.4x 9.7x 13.7x

Ascential 1,425.8 385.3 116.4 3.8x 14.5x 19.2x

Centaur 69.0 82.8 17.3 0.8x 11.8x 6.8x

Euromoney 1,686.8 416.0 107.8 2.9x 10.2x 16.6x

ITE 533.2 135.1 39.6 4.2x 27.2x 11.1x

Informa 5,316.5 1,467.3 484.1 3.9x 15.8x 15.6x

Pearson 6,765.2 4,150.0 671.0 1.8x 10.3x 11.8x

RELX 29,407.0 7,070.0 2,500.0 4.5x 18.2x 22.7x

Tarsus 561.0 94.0 23.3 5.6x 13.8x 31.1x

Wilmington 177.6 118.7 28.7 1.8x 12.0x 15.6x

B2B 3.3x 14.9x 16.7x

Bloomsbury 180.4 129.8 13.8 1.3x 10.8x 19.7x

DMGT 2,799.6 2,057.4 398.0 1.6x 8.0x 11.2x

Future 803.6 106.0 18.0 7.6x 32.1x 37.1x

Quarto 12.7 199.3 21.7 0.2x 2.4x 1.4x

Reach 226.0 698.5 154.0 0.3x 1.5x 2.5x

B2C 2.2x 11.0x 14.4x

Entertainment One 1,695.0 1,072.3 163.5 1.9x 11.0x 18.2x

ITV 4,246.4 3,675.6 852.5 1.3x 5.9x 7.1x

STV Group 139.1 144.0 28.1 1.0x 5.3x 6.9x

BROADCAST/PRODUCTION 1.4x 7.4x 10.7x

Valuations correct as at 05/07/2019Sources: DeGroote Consulting and Capital IQ

U K M E D I A S E C T O R T R A D I N G M U L T I P L E S

11

We break down the UK-listed Media sector into 5 sub-sectors:Digital; Marketing Services; B2B, B2C; and Broadcast/Production,with a focus on the larger cap stocks. We include some small capAIM stocks (e.g. Be Heard + Jaywing) but there is a long tail ofAIM-traded companies, which we do not feature here.

Historic sub-sector EV/EBITDA multiples range from c7x to c20x.Across the companies, the valuation range is evengreater reflecting, amongst other things, investor expectationsover growth.

Digital, comprising portals and price comparison sites, is the mosthighly-valued Media sub-sector. This reflects high margins,above average revenue growth and strong cash generation.

In Marketing Services, a clear valuation gap has now opened upbetween the likes of YouGov and Next Fifteen and the rest of thesector. This reflects performance trends and investor expectations.Both of the most highly-rated names are also delivering thehighest organic revenue growth.

The B2B sub-sector has a broad mix of large, mid and smaller capbusinesses, including the largest UK-listed Media company, RELX.B2B continues to see sector consolidation and M&A, specificallyaround Data & Analytics and Events.

UK B2C Media has benefited from the strong rally, and multipleexpansion, at Future. Future has also been active in the M&Amarket, increasing its exposure to the US.

Following a spate of consolidation, there are fewerBroadcast/Production constituents, and question marks overmedium-term growth potential. That said, Entertainment Oneundertook a share placing earlier this year to part fund the AudioNetworks purchase, so there is investor appetite for the right story.

RupertAshe

Rupert has extensive experience of starting, managing and selling

Marketing Communications

companies. Over the last decade, Rupert has

completed over 30 disposals and funding

rounds

Andrew Zelouf

StephenRoutledge

Stephen co-founded the firm in 2004, having

previously created the Global Corporate

Finance Media Group at HSBC. Before

HSBC, he was a founding member of the Media team

at Lazard

PhilipMastriforte

Philip co-founded the firm in 2004, having previously created Bear Stearns’ pan-European Media & Leisure

M&A practice. This followed 12 years at

Deutsche Morgan Grenfell advising on UK and

European cross-border M&A

AlexDeGroote

Alex joined Trillium in 2019 following 20 years as a

highly-respected, top-rated equity research analyst at

leading broking firms such as Cenkos Securities, Peel

Hunt and Panmure Gordon. He is a frequent Media sector commentator on

television and radio

JonathanNowell

Jonathan held senior positions in publishing for 35 years: B2B with Reed

International (now RELX), B2C at EMAP (now

Ascential) and, for 20 years, with Nielsen, as President and CEO of

Nielsen Book

A B O U T T R I L L I U M P A R T N E R S

12

High-quality, independent advice to listed companies, private firms and financial sponsors

Andrew joined Trillium in 2012 and leads our transaction execution

team. Previously, Andrew spent 8 years as

Group Head of Corporate Finance at

Guardian Media Group and 5 years at Deutsche

Morgan Grenfell

Strategic options

We help our clients identify and evaluate afull range of strategic options that oftenfactor in conflicting shareholder objectives, Boardand management change, product and geographicexpansion, new funding requirements andexit planning.

Fund raising

We help our clients raise capital from the privateequity, banking and credit fund markets. Ourestablished network of over 275 financeproviders support our clients’ needs fordevelopment, acquisition and buy-out financingand balance sheet restructuring.

Mergers & acquisitions

We advise our listed and privately-ownedcorporate clients on mergers, acquisitions,minority investments, joint ventures anddisposals and provide management advisoryservices to MBO teams.