The Quarto Group, the illustrated book publisher and distribution group, is to acquire Lewes Holdings Ltd, the owner of The Ivy Press Limited, through its wholly owned subsidiary, Quarto Publishing plc. The acquisition is conditional on the approval of Bank of Scotland, lenders to The Ivy Press Limited, to the proposed change of ownership.
Ivy Press is a publisher and packager of creative, highly illustrated non-fiction books. Founded in 1996, Ivy works with publishers and has printed over 20 million books and sold rights in 26 different languages.
The total consideration payable is up to £1.3m plus the assumption of up to £200,000 of debt. Excluding initial one-off/non-recurring costs in the order of $0.5m, the acquisition is earnings enhancing. The consideration will be paid in three tranches: on completion, 1 July 2015, and 4 January 2016.
Commenting on the acquisition, Marcus Leaver, Chief Executive Officer of Quarto, said: “We are delighted to welcome the Ivy team to The Quarto Group. We have long admired their creativity and innovation. Ivy’s presence will further underline our Quarto International Co-Editions division as the market leader. Further, we are pleased that Jenny Manstead, one of Ivy’s co-founders, is returning to Quarto after spending time with us earlier in her career.”
UK, London & West Sussex