U.K.-based Bonnier Publishing has acquired Igloo Books. The deal will make Bonnier one of the five largest children’s publishers in the U.K.
The newly combined publishing house will specialize in both adult and children’s books, and generate about £85 million in revenue a year. The acquisition is effective immediately. Financial terms for the acquisition were not disclosed.
Igloo Books CEO John Styring and his management team will remain in their positions, and continue to direct the company. There will be no layoffs at either company. Bonnier has about 250 employees, while Igloo has a staff of about 120.
Styring said Igloo had about £30 million in revenue last year. He added that the acquisition was initiated by Bonnier Publishing CEO Richard Johnson, who “proposed a mix of companies that would be of mutual benefit and would enable us to become an even bigger player in the industry, while allowing us to keep hold of our unique business culture and brand identity.”
Johnson said his goal is to boost revenues at Bonner to £100 million a year by 2016. “My aim was to do this by means of both organic growth and acquisition,” he explained. “Igloo Books stood out immediately as a company we could do business with. It shares many of the same cultural and commercial values as Bonnier and is as ambitious and focused on achieving fast growth as we are.”