The Switzerland-based Peter Lang Academic Publishing Group is coming under new ownership after a group of senior management and board members announced a management buyout.
The new management team – chairman Claude Béglé, c.e.o. Kelly Shergill, c.f.o. Vanessa Weber and head of warehouse and logistics Abdurahman Kaymaz – did not reveal the size of the deal but said the change in ownership will be fully effective by mid-2015.
The current owner is the Peter Lang Children’s Trust, based in the UK, which inherited publisher Peter Lang’s estate on his death in 2001. The trust recently hired financial advisors Affentranger Associates to arrange the sale.
Stuart Wilkins, a board member of the charity, said: “The board recognised that their expertise is in children's charity and they felt an obligation to the memory of Peter Lang and the employees to find a better strategic owner for the publishing business that is more able to take the business forward. They see the management buyout as an excellent opportunity to achieve this aim.”
The Peter Lang Academic Publishing Group publishes 1,800 academic titles each year in print and digital formats and has publishing houses in Switzerland, Germany, the US, the UK and Belgium.
It will now focus on acquiring new digital tools and expanding in the Middle East and East Asia.