US-based Perseus Books Group is looking to sell the business, a year after an acquisition by Hachette Book Group fell through.
The company has hired investment bank firm Greenhill & Co. and “initiated a formal process to explore a potential sale of the business," according to Publishers Weekly.
C.e.o. David Steinberger said in a statement: “We have received multiple inquiries from parties expressing significant interest in the company. The Perseus Books board has determined that it is our fiduciary responsibility to explore a potential sale transaction.”
Last year Perseus’ acquisition by Hachette Book Group’s (HBC), in a joint deal with Ingram Content Group, was been called off after the companies failed to reach “agreement on everything necessary to close the transaction”.
Under the terms of the deal, Perseus Books and its nine imprints would have become a division of HBG, whilst Ingram Content Group would have bought Perseus’s client service businesses, which provide sales, marketing, and distribution to hundreds of independent publishers, and taken over Constellation, Perseus’ digital management and distribution service, which has a deal with Faber Factory.
However, Steinberger wrote a letter to his staff saying the deal was “not moving forward”. He added: “Despite much effort from all three parties, we could not reach agreement on everything necessary to close the transaction."