Tuesday, July 01, 2008

Haights Cross Sells Oakstone Unit

At the turn of the year, Haights Cross placed itself up for sale but as the capital market situation went from bad to worse a successful resolution has seemed increasingly out of reach. However, the company announced today that they have sold their Mediacal Information publisher Oakstone to Boston Ventures and they are also withdrawing from sale the two other Haights Cross business units. For their most recent reported full year, revenues for the Oakstone unit were $34mm. Terms of the sale have not been announced.

From their press release:

Haights Cross also announced today that it has suspended its previously announced plans to offer for sale its test-preparation and intervention business, Triumph Learning; and its audiobook publishing business, Recorded Books.

According to Paul J. Crecca, HCC President and Chief Executive Officer, “Earlier this year, we announced plans to offer for sale each of Haights Cross’ operating businesses. However, conditions in the capital markets, particularly in the leveraged finance market, remain challenging. With these factors, and considering the timeframe in which sale transactions could be completed, the HCC Board of Directors has concluded that the company should suspend the sales efforts for Triumph Learning and Recorded Books. We believe Triumph Learning and Recorded Books have leading positions in their respective market segments and represent attractive growth opportunities.”

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