Regional newspaper publisher Trinity Mirror has sold its magazines and exhibitions business Inside Communications Ltd for £41.5m.

It has been bought by Ocean Media Ltd, a company set up for the transaction that is backed by private equity firm, Ion Equity, and ICL’s existing management team, David Moran and Simon Malcolm.

Its magazines include Inside Housing, which serves the social housing sector, and custom bike magazine Back Street Heroes, and its exhibitions include The National Boat, Caravan & Outdoor Show at the NEC in Birmingham.

Trinity Mirror chief executive Sly Bailey said: “Inside Communications is a good business with a strong portfolio of magazine titles and exhibitions.

“However, these assets are not core to our portfolio, and we agreed with the ICL management team that they would have greater scope for development under their direct ownership.”