London-listed publisher Quarto books takeover deal for US company
London-listed book publisher Quarto Group has announced the acquisition a US company.
Quarto said its subsidiary, Quarto Publishing Group USA, has agreed a takeover deal for Becker&Mayer from McEvoy Group, an independent trade publishing firm.
Quarto said the deal is worth at least $9.8m (£7.5m), which will be combined with a working capital adjustment payment capped at $1m and a deferred contingent payment of up to $1.25m.
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Becker&Mayer is headquartered in Bellevue, Washington, and was founded in the 1980s.
It reported revenues of $19.4m in 2015, with earnings before interest, taxation, amortisation and depreciation (Ebitda) of $0.3m and a net loss before tax of $1.5m.
Quarto Group chief executive Marcus E Leaver said: “We have a close working relationship with Becker&Mayer and we admire their people, creativity and specialist knowledge.
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“We approached them because we have long felt that they would make a good cultural and strategic fit.”
He added: “We are delighted that McEvoy has agreed to sell the business to us as it will be a new and exciting addition to Quarto’s portfolio in the USA.”
Quarto’s share price remained flat yesterday after it announced the deal at around 261p.