Entertainment company Modern Times Group MTG (MTG) secured an exit from France-based media group Trace on Friday as TPG Growth, part of private equity group TPG, acquired a majority stake.
Evolution Media, a joint venture for TPG Growth, media company Participant Media and Evolution Media Capital, a merchant bank affiliated with talent agency Creative Artists Agency, backed the acquisition deal, as did private equity firm Satya Capital.
Trace’s co-founders and management will own the business’s remaining equity following the deal, the financial terms of which remained undisclosed.
Founded in 2003, Trace owns television, radio and online broadcasting services that focus on the afro-urban demographic. Its portfolio includes TV networks in nine languages, a subscription-based online service and a broadcast channel in France called Trace Urban.
MTG acquired a 75% share in Trace in 2014 from growth capital management firm NextStage, investment firm Entrepreneur Venture, impact investment firm Citizen Capital and company management in a deal that valued Trace at $54.4m.
Olivier Laouchez, chairman and chief executive of Trace, said: “By partnering with TPG Growth, a global investor known for its ability to grow and scale businesses, we are well-positioned to build on our success and accelerate our transformation into the leading global afro-urban digital entertainment group.”
“We will leverage our unique assets and TPG Growth’s deep experience with groundbreaking entertainment and technology businesses to launch episode two of Trace.”