Smiths News arm buys books company Erasmus

UK newspaper and magazine wholesaler Smiths News said on Monday its business Bertram Books acquired Erasmus Antiquariaat en Boekhandel.

UK newspaper and magazine wholesaler Smiths News said on Monday its business Bertram Books acquired Erasmus Antiquariaat en Boekhandel.

Bertram has purchased the company from Tschenett Beheer for €1.5m in cash via subsidiary Dawson Books. Erasmus is a Netherlands-based supplier of books and journals to academic libraries and government institutions across Northern Europe.

Erasmus generated revenues of €15m in the year to December 31st, and Bertram expects to gain on its success with incremental £0.4m earnings in 2014.

The transaction will expand Bertram's existing customer base in Europe and will provide entry into the US market.

The group projected an increase of total international sales to £50m on a pro forma basis.

Mark Cashmore, Chief Executive Officer of Smiths News, said: "We are delighted to have completed another strategic bolt-on acquisition, which is an excellent addition to our books business.

"Erasmus extends our Northern European academic business and accelerates our expansion plans. The group will benefit from an increase in scale and a stronger sales presence in Northern Europe."

Shares in Smiths, which also supplies books and products to the education market, rose 1.91% to 163.06p at 8:50 Monday.

RD

Recommended

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022