Rocca invests in magazine publisher

DUBLIN-based investment company, Rocca Holdings has bought a 12.5% stake in the Cork magazine publisher, Progressive News & Media.

The investment — made through Rocca’s subsidiary company, Investmedia PR, values the media company at about €15 million.

The 12.5% stake was sold by Michael Mulcahy — one of Progressive’s directors and its chief executive.

Mr Mulcahy and fellow director, Jonathan Smith, are still the largest shareholders in the company.

“We have been publishing magazines since 2000 and, in line with our entry into the national media market with magazines and our outdoor medium, as well as the expansion of our business in Northern Ireland where we will launch a dedicated monthly social diary, this affirms our expansion plans,” said Mr Mulcahy.

Progressive publishes four national magazine titles in the forms of the monthly society magazine, RSVP; the monthly business magazine, Business Munster; the quarterly RSVP Interiors and the bi-annual RSVP Weddings.

Rocca Holdings director, Annette Rocca, said the success and growth prospects of the RSVP titles were the attraction for the Dublin firm.

“In making this investment in the company, we see great opportunity for the growth of the titles as well as the growth of RSVP.”

Progressive has plans to expand its Business magazine range outside of Munster to include Business Leinster, Business Connacht and Business Ulster.