16 December 2021
Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher, today announces that it has completed the purchase of the members’ interests of ABC-CLIO LLC (“ABC-CLIO”). The consideration is $22.9 million (£17.3 million), of which $22.3 million (£16.8 million) has been satisfied in cash on completion and up to $0.6 million (£0.5 million) will be satisfied in cash post completion.
ABC-CLIO is an established academic publisher of reference, nonfiction, online curriculum and professional development materials in both print and digital formats for schools, academic libraries and public libraries, primarily in the USA. Founded in 1955, ABC-CLIO is based in Santa Barbara, California. ABC-CLIO has four imprints and 32 databases that provide curriculum-aligned content and lesson plans, professional development support and student activities to US schools and academic institutions. It has more than 23,000 titles in its portfolio.
ABC-CLIO generated revenue of $14.7 million* (£11.5 million*) in the year ended 31 December 2020, and profit before tax of $1.2 million* (£0.9 million*), with gross assets of approximately $12.5 million* (£9.4 million*). In the remaining two months of Bloomsbury’s financial year ending 28 February 2022, ABC-CLIO is expected to contribute approximately £2.1 million of revenue and £0.3 million of profit before tax, prior to integration and acquisition costs. The acquisition will be earnings enhancing in the current year.
This acquisition is a good strategic fit; it further strengthens Bloomsbury Digital Resources and significantly accelerates Bloomsbury’s academic publishing in North America, growing international revenues. ABC-CLIO will operate within Bloomsbury’s Academic and Professional division and ABC-CLIO’s 32 databases will be included within Bloomsbury Digital Resources, enabling Bloomsbury to scale ABC-CLIO’s digital offering globally.
The Transaction constitutes a class 2 transaction for the purposes of the UK Financial Authority's Listing Rules and, as such, does not require approval by the Company's shareholders.
Nigel Newton, Chief Executive of Bloomsbury, commented:
“We are delighted to welcome the addition of ABC-CLIO to Bloomsbury USA and the wider Bloomsbury Group. ABC-CLIO is a long-standing and respected American publisher of academic reference, nonfiction, online curriculum, and professional development materials in print and digital formats for academic institutions and schools, faculty and students, and public libraries. ABC-CLIO is a strong addition to Bloomsbury USA, our Academic and Professional division and to Bloomsbury Digital Resources. This acquisition significantly grows Bloomsbury’s academic and digital publishing presence in North America, opens new markets and publishing areas to Bloomsbury, and is another key step in the delivery of our long-term strategic growth strategy.”
Becky Snyder, President of ABC-CLIO, commented:
“Founded by Eric and Inge Boehm in 1955, ABC-CLIO has stood at the forefront of scholarly publishing and academic solutions, committed to igniting a lifelong passion for learning through student-led research. Our family-owned company has had deep ties and commitment to its authors and customers and we believe that intellectual curiosity and educational achievement go hand in hand. We are excited to be joining the team at Bloomsbury; a company we greatly respect and whose values and mission align with ours. We are excited about the opportunity Bloomsbury brings us, to significantly expand our reach in shaping education through innovative products that support research and learning.”
* These numbers are unaudited.
This announcement contains currency exchange rates based on the average rate on 14 December 2021.
For further information, please contact:
|Bloomsbury Publishing Plc|
|Nigel Newton, Chief Executive||[email protected]|
|Penny Scott-Bayfield, Group Finance Director||penny.scott-bayfiel[email protected]|
|Hudson Sandler||+44 (0) 20 7796 4133|
|Dan de Belder/ Hattie Dreyfus||[email protected]|
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