Bertram Books acquires academic library services contracts from Blackwell

SmithsnewsSmiths News PLC ‘s wholly owned book business Bertram Books, is to acquire certain European and African academic library services contracts from Blackwell UK Limited.  The acquisition is expected to be  completed on 20 May 2013 and the net consideration of around £2.1 million .

The acquisition brings with it a  customer base with a strong presence in Germany, France and South Africa.  The high  contracts being acquired generate revenues of £10.5 million at FY12 levels increasing Bertrams’ total international sales to £60 million.

The acquisition will be earnings neutral in FY13, adding an incremental £0.7 million in FY14.

Mark Cashmore, Chief Executive Officer of Smiths News PLC, said:

“We are delighted to be further extending our international books business offering following the completion of this complementary bolt-on acquisition.  Our ability to build both scale and reach will enable Bertrams to target key international markets as we continue to capitalise on expansion opportunities.”

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