Bertram Books, a wholly owned subsidiary of UK newspaper and magazine wholesaler Smiths News PLC, has acquired Erasmus Antiquariaat en Boekhandel B.V. from Tschenett Beheer B.V. for €1.5m via its subsidiary Dawson Books Ltd.
Erasmus, based in the Netherlands, is a supplier of 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.
The acquisition brings a complementary customer base to Bertrams with strong penetration in France, Germany and Switzerland. The deal will also provide entry into the U.S market and increases total international sales to £50 million on a pro forma basis. The acquisition is expected to be earnings neutral in FY13, adding an incremental £0.4m in FY14.
Mark Cashmore, Chief Executive Officer of Smiths News PLC, said: “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.”
UK, Swindon, Wiltshire & Netherlands, Amsterdam