Dec 11 2009
• EQT V to buy 82% and GIC to buy 18% of Springer Science+Business
Media, the world’s second-largest scientific, technical and medical
publisher, and a leader in the digitization of scientific information
• Company Management expected to re-invest
EQT V, a leading European private equity fund, and GIC Special
Investments (“GICSI”), the private equity arm of the Government of
Singapore Investment Corporation (“GIC”), announce that they have agreed
to acquire 100% of Springer Science+Business Media (“Springer“), from
its current owners, private equity investors, Candover and Cinven. EQT V
intends to buy 82% and GICSI to buy 18% of Springer, the world’s
second-largest scientific, technical and medical (“STM”) publisher, and
a leader in the digitization of scientific information. The transaction
remains subject to customary conditions, including regulatory approvals.
It is expected to close by late January/early February 2010, and will
result in the full repayment of all existing debt facilities.
“Springer is perfectly positioned in a market where we see great growth
potential. We believe that by working together with the company and the
best-in-class management team under CEO Derk Haank we can drive both
expansion and further development of the successful e-business” says
Marcus Brennecke, Senior Partner at EQT Partners, advisor to EQT V. “As
the number 2 player in the STM sector, Springer is a great platform for
further consolidation and market share growth“ Marcus Brennecke added.
EQT has a strong track record of fostering growth and value creation in
the more than 70 companies that it has invested in over the last 14
years. EQT’s strategic vision is to provide the most successful
investment organization and network of industrialists to those companies
in which the funds operate by combining entrepreneurship, industrial
thinking and financial discipline. The funds invest in companies in
which EQT can act as a catalyst for change and growth and to transform
companies into global or regional leaders by making genuine and
sustainable improvements. Since EQT’s first acquisition in 1995, the
average annual growth in its portfolio companies has been 13%, the
number of employees has increased by 12% and earnings by 20% annually.
EQT V intends, together with Springer’s management and GICSI, to drive
the transformation to an online STM publisher as well as to further
expand the market leading STM book publishing business.
Derk Haank, Springer’s CEO, said “The Springer Executive Management Team
has had constructive and collegial discussions with EQT V and I am
confident that this marks the beginning of a new exciting and successful
chapter for us and for our new partners at EQT V. The sale will allow us
to move our ambitious and ongoing “e” strategy forward, and to invest
more heavily for our stakeholder’s benefit – this is the best solution
for the company, our employees and shareholders.”
Source Cision
http://www.cisionwire.com