Bonnier Publishing has acquired Igloo Books, adding £30 million (US$48 million) in annual sales in a deal that Bonnier said will "make it one of the five largest children's publishers in the U.K., as well as the 'dominant force' in children's mass market publishing," the Bookseller reported.
"Earlier this summer I set out the goal of doubling our annual turnover," said Bonnier CEO Richard Johnson. "My aim was to do this by means of both organic growth and acquisition. Igloo Books stood out immediately as a company we could do business with. It shares many of the same cultural and commercial values as Bonnier and is as ambitious and focused on achieving fast growth as we are."
Igloo CEO John Styring--who will retain his role--said he did not have plans to sell the business until he was approached by Johnson, "who proposed a mix of companies that would be of mutual benefit and would enable us to become an even bigger player in the industry, while allowing us to keep hold of our unique business culture and brand identity."
