UK indie Coolabi, which holds the media rights to such properties as Bagpuss and produces Nickelodeon’s Poppy Cat series, has officially finalized a US$7.7 million management buyout by shareholder Edge Performance that will take the company private.

Edge, a fund that specializes in the entertainment and media sector, has partnered with Coolabi chief executive Jeremy Banks and the rest of the management team to conclude the buyout.

Earlier this fall, it appeared that Edge, through North Promotions, would acquire the company for US$6.6 million. The new buyout plan will see Coolabi de-list from London’s Alternative Investment market (AIM), and add to its board Jeremy Banks as chief executive, Gordon Power as chairman, Tim Ricketts as finance director and William Harris as non-executive director. Coolabi’s management team will remain unchanged with Michael Dee as director of content, Zoe Scurfield as head of development & production and Natasha Dyson as head of licensing.

The deal will give Coolabi access to significant additional funds – including an initial US$1.5 million made immediately available – which will allow the company to further invest in its current portfolio of brands, develop new properties and grow the business through strategic acquisitions.