Bloomsbury plc, is an LSE listed company and a leading independent publisher with four specialist divisions including Bloomsbury Academic and Professional.
Bloomsbury Publishing plc purchased Applied Visual Arts Publishing ("AVA"), creative publishers for the applied digital arts for a total consideration of CHF 2.56m (approximately £1.73m). The consideration will be paid in cash from existing cash balances in three equal annual instalments, commencing on the date of completion.
AVA, established in 2001 in Switzerland, with its English language editorial support office in Worthing, publishes between 20 and 30 books per annum for students and professionals in the applied visual arts and generated sales of £1.8m for the year ended 31 December 2011. The books which are written by leading academic authorities have been adopted by many hundreds of universities, colleges and higher education bodies around the world. AVA has a strong following within the design community. Their books are renowned for being design-led and have a particular appeal for visual learners.
The acquisition follows the April purchase of Fairchild Books for a consideration of US $6.1m. The business, which is based in New York, is a market-leading publisher of textbooks and educational resources for students of fashion, merchandising, retailing and interior design. For the year ended 31 December 2011, Fairchild Books generated net profit before tax of $706,000, suggesting an historic exit multiple of 12.3 estimated post tax earnings.
The combination of these two acquisitions, with Bloomsbury’s existing Berg and Visual Arts lists, makes the Company the largest academic publisher in applied visual arts in the world.
In July, Bloomsbury reported trading in line with management's expectations. In the three months ended 31 May 2012, Bloomsbury's global ebook sales were up 70% year on year. Management reported significant progress in the period in growing academic and professional revenues and profits, one of its strategic objectives and in integrating Fairchild Books.All company news →
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