Business
Acquisition and expansion of books division
Acquisition and expansion of books division.
About this update from Smiths News Plc
[{"type":"text","content":"\n \nRNS Number : 9110V Smiths News PLC 21 January 2013 \n \n\n \nSmiths News PLC\n \nAcquisition and expansion of books division\n \n· Acquisition continues to strengthen Bertrams international presence\n· Enlarged operational footprint in Northern Europe\nSmiths News PLC (\"the Group\"), the largest UK newspaper and magazine wholesaler, a leading UK book supplier and a leading distributor of consumable products to the education market, is pleased to announce its wholly owned book business Bertram Books ('Bertrams'), has acquired Erasmus Antiquariaat en Boekhandel B.V. ('Erasmus') from Tschenett Beheer B.V. for a net consideration of €1.5m satisfied in cash via a subsidiary Dawson Books Ltd.\n \nErasmus, based in the Netherlands, is a leading supplier of high quality books and journals into both academic libraries and Government Institutions mainly across Northern Europe. In the year ended 31 December 2012, Erasmus generated revenues of €15m.\nThe acquisition brings a complementary customer base to Bertrams with strong penetration in France, Germany and Switzerland. Following the successful acquisition of Houtschild in June 2012, Bertrams continues to pursue its stated international expansion programme, now having market leading positions in several key European territories. The Erasmus transaction will also see entry into the U.S market and increases total international sales to £50 million on a pro forma basis1. \nThe acquisition is expected to be earnings neutral in FY13, adding an incremental £0.4m in FY14.\nMark Cashmore, Chief Executive Officer of Smiths News PLC, said:\n\"We are delighted to have completed another strategic bolt-on acquisition, which is an excellent addition to our books business. Erasmus extends our Northern European academic business and accelerates our expansion plans. The Group will benefit from an increase in scale and a stronger sales presence in Northern Europe.\"\n \nNote 1: Full year pro forma is the contribution of the acquired business to the results of Bertrams, as if the acquisition had been made at the beginning of financial year 2012.\nEnquiries:\n\n\n\n\nSmiths News PLC\n\n\n\n\n\n\n\nMark Cashmore, Group Chief Executive\n\n\nTel: 01793 563641\n\n\n\n\nNick Gresham, Chief Financial...