Bloomsbury Publishing PLC (LSE:BMY) said it acquired a long-standing and respected US academic and non-fiction publisher ABC-CLIO for US$22.9mln in cash.
Founded in 1955 in Santa Barbara, California, ABC-CLIO publishes reference and nonfiction books, as well as online curriculum and professional development materials.
It works in both print and digital formats for schools, academic libraries and public libraries, primarily in the USA, with 32 databases that provide curriculum-aligned content and lesson plans, professional development support and student activities to US schools and academic institutions.
The business generated revenue of US$14.7mln (£11.5mln) in calendar 2020, with profit before tax of US$1.2mln.
Bloomsbury said it expects the new addition to contribute roughly £2.1mln of revenue in the remaining two months of its financial year ending 28 February, and £0.3mln of profit before tax, prior to integration and acquisition costs.
It anticipates the acquisition will be earnings enhancing in the current year.
Chief executive Nigel Newton said, “ABC-CLIO is a strong addition to Bloomsbury USA, our Academic and Professional division and to Bloomsbury Digital Resources.
“This acquisition significantly grows Bloomsbury's academic and digital publishing presence in North America, opens new markets and publishing areas to Bloomsbury, and is another key step in the delivery of our long-term strategic growth strategy.”