Prominent investment firm Trinity Venture Capital has increased its stake in broadcaster-turned-internet powerhouse UTV Media to 15pc, it emerged this morning.
Trinity Venture Capital (TVC), whose portfolio includes firms like Norkom Group and the Quality/Comfort Inn hotel chain, last year abandoned the traditional route of venture capital firms that raise money from sources like pension funds.
Instead, it proceeded to raise €50m in funding through a flotation on the Dublin IEX market and the London AIM market, and achieved a valuation of €152m.
This morning, TVC revealed it has acquired an additional 4pc in UTV Media, bringing its shareholding to 15pc for total consideration of €24.8m.
This investment follows TVC’s announcement on Tuesday that it had acquired a shareholding of 11pc in UTV, becoming the company’s largest shareholder.
In February, UTV paid £5m sterling to acquire all-Ireland focused web design agency Tibus.
By John Kennedy