18th Sep 2013 08:21
LONDON (Alliance News) - Haynes Publishing Group PLC Wednesday said it had bought US-based repair manual business Clymer and Intertec Manuals from Penton Business Media Inc. for USD9.25 million, or GBP5.85 million in cash and debt.
The Kansas-based business produces manuals for motorcycles, inboard and outboard marine manuals, and tractors and farm machinery.
It had net assets of USD2.8 million at the end of 2012, while revenue was USD4.3 million and pretax profit was USD1 million in that year.
"Clymer is a business that we have been interested in for some time and we are delighted that we are now bringing such an iconic name, particularly among motorcycle owners and DIYers, into the Haynes Group," Haynes Chief Executive Eric Oakley said in a statement.
"We see many synergies between our two businesses, in terms of products and values, and we see real opportunities for revitalisation and growth," he added.
Haynes said almost 60% of the funding for the deal would come from cash, leaving it able to pursue other acquisitions.
Haynes Publishing shares were up 5.3% at 189.5 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
HYNS.L