Smiths News PLC’s wholly owned book business Bertram Books acquired academic library supplier Erasmus Antiquariaat en Boekhandel. While Erasmus mainly does business in Northern Europe, it also provides Smiths with an entry into the U.S. market.
Smiths bought the company from Tschenett Beheer for 1.5 million Euro in cash (nearly $2 million) via a subsidiary, Dawson Books. Erasmus had 15 million Euro in 2012 revenues.
Mark Cashmore, Smiths CEO, said in a statement, “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.”
This isn’t the first such acquisition for Smiths, which bought another academic library supplier, Houtschild, in 2011 for 0.7 million Euro, also via its Dawson subsidiary.