Private equity firm Epiris Fund II has agreed to acquire Time Inc. UK, one of the UK’s largest consumer magazines and digital publishers, from Meredith Corporation. Financial terms of the transaction are not being disclosed.

Alex Fortescue, Managing Partner of Epiris, said: “This deal is a complex corporate carve-out of the type in which we specialise. The business itself offers plentiful scope for transformation through operational improvement and M&A. We are thrilled to have got Fund II off to such a strong start.”

Marcus Rich, CEO of Time Inc. UK said: “Time Inc. UK is home to some of the best-known brands in the UK and we are delighted to be partnering with Epiris and with Bernard as we continue our transformation journey. They share the same vision for our business and we are excited by the fresh insight they will bring as we shape our shared plans for the business in the years ahead.”