Business Post Group partners with Sweden’s Bonnier News
Deal announced in Dublin by Business Post Group CEO and majority shareholder Enda O’Coineen, and Bonnier News CEO Anders Eriksson
The Business Post Group has announced a partnership with Sweden’s Bonnier News, which has become a strategic minority investor in the Irish media company.
Business Post Group chief executive officer and majority shareholder Enda O’Coineen, and Bonnier News chief executive officer Anders Eriksson, announced the deal in Dublin on Tuesday.
Bonnier News is taking a minority stake in the Business Post Group and will take two seats on the board, but O’Coineen will remain the majority controlling shareholder in the company and day to day management will not change.
Speaking to the Business Post, Eriksson said: “It's really exciting to be part of the Business Post Group and the Irish market. We are looking forward to it. We had a hard look at the Irish market, which has great potential. Most of all, we needed a strong respected partner in our pan-European network of B2B titles, and the Business Post is by far the best and most talented for us to work with.”
Since O’Coineen took over the Business Post in 2018, he and his team have expanded the company into a “house of brands”, growing turnover from €7.5 million to circa €22 million.
O’Coineen said the Business Post Group will seek to leverage the expertise of the Bonnier group to accelerate its digital transformation and expansion.
“For our part, we cherish Bonnier’s 200-year history, its values and partnership model. Bonnier values the integrity and independence of our prestigious brands, the oldest of which, Irish Tatler, dates back 132 years,” O’Coineen said.
“Important is Bonnier’s wish to maintain my Kilcullen Kapital family office as long-term owners and investors. Their timely investment supports our vision to grow the business in Ireland and globally.”
Asked if this marks the end of the Business Post being Ireland’s last nationally controlled newspaper title, O’Coineen said: “Absolutely not. One condition that Bonnier has made, which we are delighted with, is that my personal family office stays involved for the long haul.”
O'Coineen, chairman of Kilcullen Kapital, bought what was then the Sunday Business Post newspaper in September 2018. Since then, it has transformed into a group of companies focused on media, events, data, research, software and services.
The Business Post Group has three primary divisions including the Business Post newspaper and online outlet businesspost.ie, Red C research, and the events company IQuest.
Bonnier News is a family-owned media group based in Sweden, operating in ten countries with about 8,000 employees. The total revenue is €762 million. The firm is the largest publisher of business newspapers in Europe and consists of more than 200 brands in 10 countries.
Bonnier News represents about 47 per cent of the Swedish newspaper market. In its home market it publishes the leading business title Dagens industri, the leading news title Dagens Nyheter, and a leading tabloid called Expressen.
It also publishes 30 glossy magazines about health, food and travel as well as 20 niche trade papers and 43 local newspapers.