Top Right Group, the company formerly known as Emap, has sold its automotive information business CAP for more than £150m.
According to The Guardian – whose parent company Guardian Media Group owns 30 per cent of Top Right – the business was sold to the Montagu Private Equity, which also has investments including retailer Maplin Electronics and hair straightener firm GHD.
In March it was reported that Emap planned to sell off CAP, when it also emerged the company had ruled out the sale of its B2B publishing division – which includes Titles such as Construction News, Broadcast and Drapers.
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Top Right chief executive Duncan Painter said the proceeds of the sale would be invested into other ‘operating companies in the group and strategic acquisitions”, according to The Guardian.
In March Emap changed its name to Top Right Group, while retaining the name Emap for the B2B publishing side of the business, after weeks of press speculation that the group was being broken up.
Emap International Ltd was formed when Guardian Media Group and Apax, which owns the remaining 70 per cent, paid £1.1bn for the business to business side of the publishing giant Emap when it was broken up in 2007.
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