The Perseus Books Group has a new investor. The private investment firm Centre Lane Partners has taken over the role of general partner of the investment funds that supported Perseus LLC, the parent company of the publisher. When the late Frank Pearl created the Perseus Books Group he used several investment funds to build the company. Since his death in May 2012, some investors in the funds have been looking for a way to cash out, something that has been accomplished in the deal with Centre Lane.
“We are pleased to have found a strong investor that will move forward and support the ongoing success of the Perseus Books Group,” said Ken Socha, a longtime senior executive with Perseus LLC who worked closely with Perseus Books.
Centre Lane focuses on investing in companies with revenue between $20 million and $500 million and that have a strong position in their industry. “Our capital and skills will enable the Perseus Books team to continue to build on its record of growth and accomplishment,” said Quinn Morgan, cofounder of Centre Land and a managing director.
Perseus Books CEO David Steinberger is optimistic that the support of Centre Lane will help the company accelerate its growth. Steinberger has always reported to a board and that will remain the case, although the composition of the board will change.