The North West Fund for Venture Capital

Mercia achieves 4.5x return on sale of ‘inspirational media company’

Texere Publishingthe Knutsford-based business which is one of the world’s fastest-growing scientific publishers – has been acquired by US-based healthcare media company BroadcastMed.

The deal provides an exit for Texere’s investors Mercia and AXM Venture Capital, both of which had initially backed the company in 2012 using investment from the North West Fund. It also enables Texere’s founders Andrew Davies, the CEO, and Tracey Peers, COO, to realise their investment in the business. However they will continue in their current roles to help the company pursue its growth strategy.

Founded in 2012, Texere has built a portfolio of titles including The Analytical Scientist, The Cannabis Scientist, The Medicine Maker, The New Optometrist, The Ophthalmologist, The Pathologist and The Translational Scientist. The most recent addition, ID Transmission, was launched in January this year and focuses on infectious diseases.

The company currently employs around 60 staff in the UK and has offices in the US. Over 50% of its revenue now comes from the North American market. Texere continued to achieve year on year growth throughout the pandemic, having increased revenues by 30% in the three years to December 2022.

Mercia achieved a 4.5x return on investment. Will Clark, Managing Director of Mercia’s Regional Venture Funds, said: “Texere has built a strong team, a portfolio of successful titles and a global readership in the space of just a decade. Its achievements are all the more remarkable given the challenges that publishers have faced in recent years. This deal will allow it to continue its growth as part of a larger media business.”

Texere’s Chairman Peter Harkness added:  “Texere is an inspirational British media story. From a start-up created by Andy and Tracey around their kitchen table, to a publisher with a leading role in several key science sectors, the company is an example of what is possible when enlightened investors team up with skilled professionals. All parties involved in Texere – founders, staff, clients and investors – believe in the company’s values and vision and can be very proud of what it has achieved.”

The acquisition continues the aggressive expansion of BroadcastMed’s total reach to over 2.8 million health care professionals. The investment in Texere is backed by 424 Capital, its growth capital partner.

Peter Gailey, President of BroadcastMed, said: “Our acquisition of Texere widens BroadcastMed’s global reach and helps us to expand the company’s influence, not only to its existing healthcare beneficiaries, but also to new audiences in the science and technology fields which drive better outcomes for all healthcare constituencies.”

Andrew Davies, CEO, said: “Texere is thrilled to join forces with the innovators at BroadcastMed to better serve scientific and  healthcare providers globally.” Tracey Peers, COO, added: “Combining Texere Publishing’s media portfolio with that of Broadcastmed aligns with our vision for growth and will help expand our reach to the scientific and healthcare community. By leveraging our combined expertise and resources, we can deliver even greater value to our audience and partners.”

Hemavli Bali and Emily Adlard of Clearwater International provided corporate finance advice to Texere on the sale. Sean FitzGerald, Rachel Clarkson, Hollie Walsh and Lucy-Beth Pearl of Ward Hadaway provided legal advice to Texere, while Daniel Hayhurst of Brabners advised Mercia and AXM.