18 Sep 2013 07:00
Haynes Publishing Group P.L.C.
Acquisition of Clymer and Intertec Manuals
18 September 2013
Haynes Publishing Group P.L.C. ("Haynes"), the worldwide market leader in the production and sale of automotive and motorcycle repair manuals, is pleased to announce that it has acquired the assets of Clymer and Intertec Manuals ("Clymer") from Penton Business Media Inc. ("Penton") for $9.25 million (£5.85 million) to be satisfied by cash and debt. Clymer is located in Overland Park, Kansas in the United States.
Founded by Floyd Clymer (1895-1970), Motorcycle Hall of Fame's 'pioneer in the sport of motorcycling' Clymer is the global market leader in sales of DIY repair manuals for Motorcycle owners. It also has a significant share of the DIY Marine (Inboard and Outboard) Manuals market; publishes a range of DIY manuals for personal watercraft and snowmobiles; and, under the Intertech name, publishes manuals for farm equipment including Tractors, publishing 432 manuals across thousands of models in digital and print. For the financial year ended 31 December 2012, Clymer had net assets of $2.8 million (£1.8 million), unaudited revenue of $4.3 million (£2.7million) and unaudited pre-tax profitability of $1.0 million (£0.633million).
Complementing its existing successful manuals business, this acquisition will further strengthen Haynes' position in the Motorcycle Aftermarket making it the undisputed market leader around the world , adding additional content to the Haynes Group, whilst also bringing access into the new markets of marine, snowmobile and tractors.
The acquisition will be earnings enhancing and also release significant efficiencies in the areas of print cost, warehousing and distribution, and editorial/origination, with additional digital offerings representing further opportunities for growth.
Commenting on the acquisition, Eric Oakley, Group CEO of Haynes, said "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. We see many synergies between our two businesses, in terms of products and values, and we see real opportunities for revitalisation and growth."
Nicola Allais, Senior VP of Penton commented that "Selling Clymer to a more natural owner is another step in Penton's evolution as the Company continues to exit non-core print assets and focus on its Strategic Plan in events, digital, data and marketing services in its priority sectors. We wish Haynes much success with the Clymer brand."
With almost 60% of the funding for the acquisition coming from internal cash, the Group remains financially well placed to continue its pursuit of other new opportunities as they arise.
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About Haynes Publishing Group
Haynes Publishing Group P.L.C. is the worldwide market leader in the production and sale of automotive and now motorcycle repair manuals. Every Haynes manual is based on a complete vehicle strip-down and rebuild in its workshops, so that the instructions and photographs are inherently practical, accurate and easy to follow. Through HaynesPro it is a leading European supplier of digital technical information to the motor trade. The Group's business now includes professionals as well as DIY mechanics and enthusiasts.
About Clymer Manuals
Clymer is the global market leader in sales of DIY repair manual for Motorcycle owners and has a significant share of the DIY Marine (Inboard and Outboard) Manuals market. It also publishes a range of DIY manuals for personal watercraft and snowmobiles and, under the Intertec name, publishes manuals for farm equipment including Tractors.
Clymer was founded by Floyd Clymer (1895-1970) who has been described by the Motorcycle Hall of Fame as "a pioneer in the sport of motorcycling. He was a racer, a motorcycle dealer and distributor, a magazine publisher, a racing promoter, an author and a motorcycle manufacturer."
About Penton Business Media
Penton Business Media, Inc. is the largest US-based privately held business to business media company providing actionable ideas and insights, data and workflow tools, community and networking, both in person and virtually, to business owners and decision-makers in 5 core scaled sectors including Agriculture, Transportation, Infrastructure, Manufacturing & Industrial Design and Natural Products & Food.
Contacts :
Haynes Publishing Group P.L.C.
J Haynes, Chairman +44 1963 442009
Eric Oakley, Group Chief Executive +44 1963 442009
New Century Media
Nicola Krafft +44 20 7930 8033
Charles Stanley Securities +44 20 7149 6000
Dugald J. Carlean
Karri Vuori