Bloomsbury Publishing’s US subsidiary, Bloomsbury Publishing Inc, has acquired Fairchild Books from Fairchild Fashion Media, a unit of Conde Nast, for $6,500,000. The consideration will be paid in cash from existing cash balances in three equal annual installments, commencing at completion.
For the year-ended 31 December 2011, Fairchild Books generated net profit before tax of $706,000 and as at 31 December 2011 had gross assets of $7,567,000.
Fairchild Books, based in New York, is a market-leading publisher of textbooks and educational resources for students of fashion, merchandising, retailing and interior design. It has a strong history dating back to the nineteenth century and a world-class reputation for producing student materials for the fashion and design industries.
The Fairchild Books list is highly complementary to Bloomsbury’s existing academic list in the Visual Arts, which was bolstered by the acquisition of Berg Publishers in 2008, the launch of the award-winning Berg Fashion Library www.bergfashionlibrary.com in 2010 and the acquisition of a fashion photography archive in 2011.
Following the acquisition, the business will be managed by Kathryn Earle, Bloomsbury’s Head of Visual Arts, and will report in to Bloomsbury’s Academic & Professional division.
Bloomsbury’s successful integration of the Continuum business, purchased in July 2011, was the cornerstone acquisition of the Academic & Professional division, providing it with critical mass and excellent opportunities for organic growth and digital exploitation.
Nigel Newton, Chief Executive of Bloomsbury commented, “The acquisition of Fairchild Books is part of Bloomsbury’s long term strategy to increase its Academic Publishing turnover in the USA, the largest market for English language textbooks. There is an excellent fit between Fairchild Book’s list and Bloomsbury’s visual arts lists.
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