Penguin Random House UK has acquired Hardie Grant UK. Hardie Grant’s two imprints, Hardie Grant UK and Quadrille, will continue operating and report to Ebury managing director Joel Rickett. Managing director Stephen King will leave at the end of 2023 and finance director David Ersapah will depart in July 2024. The Bookseller reports that there are no other plans for layoffs. At Hardie Grant, there will be no changes to the company in other territories. In a release, PRH UK ceo Tom Weldon said, “We are excited about the impact of adding Hardie Grant UK to Penguin Random House and […]
M&A
KKR’s Purchase of S&S “Doesn’t Have to be a Blowout Deal”; Attracting Talent and Having Employees Act As Owners Can Drive Success
Journalist Megan Greenwell — who is writing a book on private equity for Dey Street Books titled VAMPIRE COUNTRY — interviews KKR’s co-head of global private equity Pete Stavros on the firm’s pending acquisition of Simon & Schuster. In contrast to facile clickbait like the Atlantic’s recent piece, Greenwell gets details from Stavros about KKR’s expectations, and the workings of their employee ownership plan. Broadly, Stavros says, “We would not invest in a company where the strategy is to get profit dollars up by firing people. We just wouldn’t do that…. we’re not buying into an investment thesis where we’re […]
Francisco Partners Joins HIG Capital In RBmedia Purchase
The planned sale of RBmedia by KKR to H.I.G. Capital closed last week. In the announcement, it was disclosed that another tech-focused private equity firm, Francisco Partners, had “partnered” with H.I.G. Capital in the purchase. Francisco Partners executives Matt Spetzler and Jason Brein said in the release: “We are excited to partner with H.I.G. to help usher in RBmedia’s next phase of growth as the audiobook industry continues to expand. Francisco Partners has extensive experience in audio and content publishing, technology and media and we believe audiobooks are at a positive inflection point. Working together, our capital and operating insights […]
As Expected, Majority Control of CAA Sold to Pinault Family’s Artemis by TPG
In alignment with previous news reports, private equity firm TPG will exit their 13-year involvement at CAA in a deal to sell their 53 percent stake to Artemis, the Pinault family’s investment company. (According to earlier reports, the deal is worth approximately $7 billion.) The transaction is expected to be completed later this year, “subject to the satisfaction of customary closing conditions.” CAA’s leaders Bryan Lourd, Kevin Huvane, and Richard Lovett have “each made long-term commitments to continue leading the agency and will remain” as co-chairs. After the deal closes, Lourd is expected to be named CEO. Singapore-based investment firm […]
Acquisitions: CJK Group Buys Worzalla
CJK Group has acquired Worzalla, a printer in Stevens Point, WI, whose projects have included the bestselling Wimpy Kid series. With approximately 340 employees, Worzalla has been in operation since 1892. The group’s main facility will be renamed Sheridan Worzalla. CEO of CJK Group Chris Kurtzman said in a release, “Worzalla has a tremendous market reputation and a well-defined niche in the children’s and trade book publishing markets. The addition of the Worzalla operation expands the spectrum of printing services for Sheridan’s clients, nicely augmenting our current strengths in the trade, education, academic, religious, and automotive publishing markets.” Earlier this […]
Acquisitions: Harriman House, and Scala
UK publisher Pan Macmillan has acquired business book publisher Harriman House. Harriman House will operate as its own imprint, with managing director Myles Hunt continuing to lead. Founders Philip Jenks and Stephen Eckett have left the company, but the 12-person staff will remain on. Pan Macmillan ceo Joanna Prior told The Bookseller, “I am delighted that we have come to an agreement to acquire Harriman House. It is a terrific company, publishing with entrepreneurial flair for a dedicated business market globally. We will help expand its overseas reach further, building on its already impressive growth in the US, and I […]