Acquisition of Applied Visual Arts Publishing
Bloomsbury announces that it has today completed the purchase of Applied Visual Arts Publishing ("AVA"), creative publishers for the applied digital arts, from Applied Visual Arts Publishing SA and AVA Publishing (UK) Limited for a total consideration of CHF 2,578,930 (approximately £1,730,000). The consideration will be paid in cash from existing cash balances in three equal annual instalments, commencing on the date of completion.
AVA, established in 2001 in Switzerland, with its English language editorial support office in Worthing, publishes between 20 and 30 books per annum for students and professionals in the applied visual arts and had a turnover of £1,820,000 for the year ended 31 December 2011. The books are written by leading academic authorities, and have been adopted by many hundreds of universities, colleges and higher education bodies around the world. AVA has a strong following within the design community. Their books are renowned for being design-led and have a particular appeal for visual learners.
Following the acquisition, the business will be managed by Kathryn Earle, Bloomsbury's Head of Visual Arts, as part of Bloomsbury's Academic & Professional division. Synergies with the recently acquired Fairchild Books list, the Fashion Photography Archive due to be launched in 2013, and the existing Berg and Visual Arts lists are significant. With this acquisition, Bloomsbury's market share in visual arts - already very strong - is given an additional boost. The combined business will provide significant opportunities for new digital initiatives.
Nigel Newton, Chief Executive of Bloomsbury commented:
"As part of Bloomsbury's ongoing strategy to build our Academic & Professional division, we are delighted to have acquired the AVA list and the timing could not be better. We already have a very strong presence in visual arts, which has been considerably enhanced by the recent acquisition of Fairchild Books. We are pleased to be able to follow on from the Fairchild Books acquisition so quickly with this acquisition, and to consolidate our textbook publishing in the visual arts. An added bonus is that we will be able to take advantage of new co-edition opportunities."
Caroline Walmsley, Managing Director of AVA UK, added,
"Bloomsbury is the perfect home for the AVA list. The publishing synergies are significant - from subject matter, to marketing and the sharing of mailing lists, to distribution and representation. We are very excited to be in such a strong position to move the AVA business and to become part of Bloomsbury."
