SevenVentures, the financial investor of German media company ProSiebenSat.1, has sold a large part of its media-for-equity portfolio to US private equity firm Lexington Partners.
As part of the transaction, up to 16 minority participations of SevenVentures and other group companies will be transferred to the new Crosslantic Capital fund.
Lexington Partners is acquiring the majority of this fund while SevenVentures will remain involved as a strategic media partner with a minority stake of around 24.5%. Sales proceeds amount to a mid-double-digit million Euro figure, according to the Munich-based company.
Crosslantic Capital is managed by Sascha van Holt who was previously responsible for SevenVentures’ investments as managing director. Besides the development of the current portfolio companies, Crosslantic Capital will also invest in further digital companies.
SevenVentures was founded by ProSiebenSat.1 in 2009 and operates an investment model consisting of minority investments and media co-operations where companies receive financial support, TV advertising time and other services in return for equity or revenue shares. ProSiebenSat.1 sells the shares at a later date once their value has been increased through TV advertising.
SevenVentures will continue pursuing media-for-equity and media-for-revenue business. The company is managed by Florian Pauthner (CEO) and Stefan Beitz (CFO).
