TIDMBMY
RNS Number : 8210V
Bloomsbury Publishing PLC
16 December 2021
Bloomsbury acquires ABC-CLIO; accelerates academic publishing in
North America and further strengthens Bloomsbury Digital Resources
division
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 (GBP17.3 million), of which $22.3
million (GBP16.8 million) has been satisfied in cash on completion
and up to $0.6 million (GBP0.5 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* (GBP11.5 million*)
in the year ended 31 December 2020, and profit before tax of $1.2
million* (GBP0.9 million*), with gross assets of approximately
$12.5 million* (GBP9.4 million*). In the remaining two months of
Bloomsbury's financial year ending 28 February 2022, ABC-CLIO is
expected to contribute approximately GBP2.1 million of revenue and
GBP0.3 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 nigel.newton@bloomsbury.com
Penny Scott-Bayfield, Group Finance Director penny.scott-bayfield@bloomsbury.com
Hudson Sandler +44 (0) 20 7796 4133
Dan de Belder / Hattie Dreyfus bloomsbury@hudsonsandler.com
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
The information in this announcement has not been audited or
otherwise independently verified and no representation or warranty,
express or implied, is made as to, and no reliance should be placed
on, the fairness, accuracy, completeness or correctness of the
information or opinions contained herein. None of the Company or
any of its affiliates, advisors or representatives shall have any
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whatsoever arising from any use of this announcement, or its
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