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.
more at: https://www.bloomsbury-ir.co.uk/media/press_releases/2021/161221