Cottage Door Press, an independent publisher founded in 2014 by former Publications International president Richard Maddrell, has agreed to acquire what it termed “a substantial portion of [the] worldwide intellectual property rights” of Parragon. In late February, Parragon said that because of difficult market conditions it would likely be forced to close, or sell the company, sometime in 2018.
Although based in the U.K., Parragon had done a substantial amount of business in the U.S. In the Cottage Door announcement, the company said the assets it is acquiring include, but are not limited to, “all the American and U.K. assets.” (This includes assets for North America, Central America, and South America.)
The deal is expected to close April 30, at which time more details of the transaction will be released, Cottage Door said.
Cottage Door specializes in publishing children’s books for the infant to preschool market. Currently located in Barrington, Ill., Cottage Press has 24 employees and released 158 titles last year in a variety of formats. It has continually expanded its offerings since its launch, and the purchase of the Parragon asset will accelerate that process.
“When Parragon announced its strategic decision to cease operations, we recognized our strong synergies and the unique opportunity to expand into new categories and markets,” Maddrell said in a statement. “Parragon has built strong partnerships and an incredible collection of assets that we are honored to incorporate into our portfolio and carry on in the marketplace.”
This article has been updated for clarity.