Harry Potter publisher Bloomsbury completes buy of American instructional agency ABC-CLIO
- Bloomsbury described the acquisition of the brand new agency as a ‘good strategic match’
- ABC-CLIO produces on-line curriculum and reference supplies for US faculties
- The takeover comes six months after Bloomsbury additionally acquired Head of Zeus
Bloomsbury has accomplished the £17.9million acquisition of Californian academic publisher ABC-CLIO.
The publishing home described the brand new buy as a ‘good strategic match’ that will increase its academic and digital publishing presence in North America, and produce in additional worldwide gross sales.
ABC-CLIO produces on-line curriculum and reference supplies for US faculties, universities and public libraries, and has 4 imprints, 32 databases and over 23,000 titles in its portfolio.
Branching out: Best identified for publishing the Harry Potter books, Bloomsbury has now prolonged its attain into academic publishing by buying Californian agency ABC-CLIO
It was based in 1955 as American Bibliographic Center by Eric Boehm with its first serial bibliography Historical Abstracts, earlier than shifting 5 years later to its present house metropolis of Santa Barbara.
A yr afterwards, there got here the founding of CLIO Press, which was named after the Ancient Greek muse of historical past, and the group ultimately moved into guide publishing in 1967.
Last yr, it made revenues of $14.7million (£11.5million) and pre-tax earnings of $1.2million (£900,000) and is anticipated to supply one other £2.1million of gross sales and £300,000 within the ultimate two months of the present fiscal yr.
Becky Snyder, the agency’s president, mentioned: ‘Our family-owned firm has had deep ties and dedication to its authors and clients and we consider that mental curiosity and academic achievement go hand in hand.
‘We are excited to be becoming a member of the group at Bloomsbury; an organization we tremendously respect and whose values and mission align with ours.
‘We are excited in regards to the alternative Bloomsbury brings us, to considerably broaden our attain in shaping training by means of revolutionary merchandise that help analysis and studying.’
Bestseller: Bloomsbury Publishing has mentioned one of its biggest-selling books this yr has been Outdoor Cooking by chef Tom Kerridge (pictured)
Bloomsbury’s newest acquisition comes six months after it purchased Head of Zeus, which has printed authors akin to Victoria Hislop, historian Dan Jones and The Detective’s Daughter author Lesley Thomson.
The coronavirus pandemic has been a boon for the Harry Potter publisher as folks took benefit of lockdown restrictions on socialising and going exterior to learn extra recurrently at house.
Major bestsellers have included Tom Kerridge’s Outdoor Cooking, fantasy novel A Court of Silver Flames by Sarah J. Maas, We are Bellingcat by investigative journalist Eliot Higgins, and The Song of Achilles by Madeline Miller.
These titles helped the London-based group to document extraordinarily robust half-year outcomes exhibiting its revenues rising 29 per cent year-on-year to a document £100million and pre-tax earnings leaping 265 per cent to £11.1million.
Bloomsbury additionally mentioned the efficiency mirrored the profitable measures undertaken to minimise provide chain issues akin to growing inventory ranges and printing books far upfront of peak durations.
About three weeks earlier than the publication of these outcomes, the agency scored one other victory when one of its little-known novelists, Abdulrazak Gurnah, was awarded the Nobel Prize for Literature.
Shares in Bloomsbury have been 3.9 per cent greater at £3.45 in the course of the early afternoon on Thursday, which means their worth have risen by round a fifth for the reason that begin of 2021.
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