Independent publishing and media business Hardie Grant has announced a buyout of its founding investor Associated Media Investments (AMI) and introduced a new board.
The business was founded in 1997 by Fiona Hardie and Sandy Grant, with support from AMI as a start-up investor. Since its inception, shares have been acquired by founding member and current Hardie Grant Publishing Group m.d. Julie Pinkham and publishing veteran Ian Webster. Both, alongside the Hardie-Grant family, have now acquired all AMI's shares.
The changes introduce a new Hardie Grant board, with AMI representatives including former chair Bruce Watson, Richard Gerahty and Rob Gamble departing. Grant will now become the chair, and Fiona Hardie remains a director. The new board members include Ian Webster, Julie Pinkham and Nick Hardie-Grant. Andrew Davis will remain company secretary and chief operating officer.
The Australian company has expanded in recent years with offices in Melbourne, Sydney, London and San Francisco, 200 staff and reported revenue of more than AU$100m.
Grant said: “It is very exciting for those of us who have a long-term commitment to Hardie Grant. We are really delighted to be the owners of such a good business, working alongside so many great staff, and continuing to enjoy developing the business."
He added: “We have seen really exciting growth in Australia, the UK and the US in the past few years and are expanding our marketing services and media portfolio steadily. The ownership won’t change our trajectory, but confirms our long-term commitment to our existing strategies.