Abercross Holdings has acquired a £20m stake into B4U Network, which runs B4U Music and B4U Movies.
City AM reports that the private equity firm led by former England cricketer, Alex Loudon has bought the controlling stake in the company.
The new owners include Loudon and three partners – Andrew Woodhouse, Loudon’s former partner at brewing giant SABMiller, Issam Hamid, a former chief investment officer for the Saudi Royal Family, and Duygu Tanisik, formerly at Lightsource Renewable Energy.
Hamid was cited in the publication saying, “B4U has developed into a fantastic brand with strong potential for growth and a proven management team. We are very pleased to welcome the company to our portfolio and are committed to growing the business and making it the foremost player in its space”.
It is believed the new owners have already taken controlling decisions at B4U Network’s London offices. However, no immediate decision on the broadcaster’s current staff will be taken.