Boosey & Hawkes Goes Private
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This just in. Boosey & Hawkes has announced that HgCapital, a leading European private equity investor, has acquired 100 percent of the issued share capital of Boosey & Hawkes plc, concluding a two-year sale process. The deal, says B&H, “will take the international group from public to private and will ensure the continued independence of the company.”
According to a statement issued by Boosey, HgCapital’s offer places an enterprise value of £75 million on the publishing group.
The 73-year-old company houses a large 20th century classical music catalog that includes American composers such as John Adams, Meredith Monk, Steve Reich, Ned Rorem, and Elliott Carter. [Click here for a complete list of composers represented by Boosey & Hawkes.]
HgCapital has offered current key executives of the B&H publishing group, led by John Minch, CEO, the opportunity to invest in the business. Greg Smith, a newly appointed Finance Director, joins Jenny Bilfield and Winfried Jacobs (heads of the New York and Berlin B&H companies), Janis Susskind and Andrew Gummer (London directors), and John Minch as investors.
Nick Martin of HgCapital said they “believe that B&H will benefit from private ownership, enabling it to focus on its core business activities while providing it with access to capital for both organic and acquisition based growth.” He also noted that the organization is run by “a strong management team, and we attach great importance to the retention of the skills and expertise of the management and employees,” perhaps a reassurance that no restructuring is on the horizon as a result of the sale.
John Minch, CEO, welcomed the development. “We are pleased to emerge from a long period of uncertainty newly independent, confident in our core values and fully supported in our future plans to grow and develop,” he noted. “We could not and would not have fought to maintain our independence without the great support we have had from our composers, estates, partners and, above all, our exceptional and dedicated staff.”
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