Business
Acquisition and IMS
Acquisition and IMS.
About this update from Bloomsbury Publishing Plc
[{"type":"text","content":"\n \nRNS Number : 1042K Bloomsbury Publishing PLC 11 July 2011 \n \n\n11 July 2011\n \nBloomsbury Publishing Plc\nAcquisition of Continuum International Publishing Group Limited (\"Continuum\") and Interim Management Statement\n \nAcquisition of Continuum\nBloomsbury Publishing Plc (\"Bloomsbury\") announces that it has today completed the acquisition of the entire issued share capital of Continuum for a total cash consideration of £20.1 million from Nova/Paul Investments Capital and management shareholders.\nThe Board of Bloomsbury has been looking for a transformational acquisition to act as the cornerstone of its Academic & Professional division. We have successfully acquired and consolidated six acquisitions in our Academic & Professional division over the last five years. Continuum now provides the cornerstone of an enlarged division with critical mass and a solid base for organic growth going forward.\nContinuum, which is based in New York and London, is an international academic and professional publisher with a small trade list. It has world class academic lists, some of which date back over 170 years and include a number of the most distinguished international authors in the humanities and social sciences, including Karl Barth, Martin Heidegger, Pope Benedict XVI, Archbishop of Canterbury Rowan Williams, Chief Rabbi Jonathan Sacks and Alain Badiou. Continuum is the UK market leader in publishing Continental Philosophy, Education and Theology and Biblical Studies lists. It also publishes sizeable lists in History, Literary Studies, Linguistics and Politics. The Continuum lists are highly complementary to Bloomsbury's existing academic lists, offering us both the ability to improve revenue momentum within our Academic & Professional division, especially in the key US market, as well as opportunities for material cost synergies. Earlier this year, Continuum was awarded Independent Publishers' Group Publisher of the Year 2011 and Academic & Professional Publisher of the Year.\nContinuum is forecasting EBITA of £0.6 million* for the year ended 30 June 2011 on turnover of £10.7 million*. Bloomsbury has identified potential cost synergies in excess of £1 million in the first full year of combined operation. In the year ended 30 June 2010 Continuum reported a loss before taxation of £1.2 million ...