Independent publisher Bloomsbury Publishing has acquired assets of Red Globe Press, an academic imprint, from Macmillan Education, a part of Springer Nature Group.
The consideration is £3.7 million, of which £2.1 million will be paid in cash at completion and up to £1.6 million will be paid on or post-completion.
Red Globe Press specialises in publishing for higher education students globally in humanities and social sciences, business and management, and study skills. It has a backlist of more than 7,000 titles and publishes more than 100 new titles annually, with content including digital platforms, textbooks, research-driven materials and general academic publishing.
Last year Red Globe Press reported £9.6 million of revenue and profit before tax of £1.1 million, with gross assets of approximately £0.8 million.
Nigel Newton, chief executive of Bloomsbury, said: “Red Globe Press aligns well with our existing academic publishing and provides a gateway to new and attractive academic publishing areas. This move is another key step in the delivery of our strategic growth strategy and continues our drive to grow our non-consumer business. Acquiring these complementary lists accelerates our digital growth and our significant presence in humanities and social sciences academic publishing.”
Emma Bourne, managing director curriculum and higher education at Macmillan Education added: “Following a strategic review of the business, we have decided to focus on our core markets of K12 English language teaching and curriculum. We are sure that Red Globe Press, its team of dedicated staff, and all its authors will flourish within Bloomsbury, where the imprint can continue to grow its excellent academic publishing.”
Date published: 23 April 2021