17 April 2014
Lonsdale today announced that CJ Fallon, its leading Irish educational publisher, has completed the bolt-on acquisition of Celtic Press. Celtic Press was established in 1976 by Maurice O’Driscoll, a former teacher, and since 1985 has been the leading publisher in Post Primary (12-18 year olds) mathematics. Celtic Press’ only other material publication is Leaving Certificate (equivalent to A-levels) poetry.
CJ Fallon’s current bank, Ulster Bank, agreed to provide financing for the deal with an earnout to be paid from Celtic Press cash flows.
Alan Dargan, of Lonsdale, said “The acquisition fits Lonsdale’s strategy of combining add-on acquisitions with organic growth”. The acquisition shall increase CJ Fallon’s share of the Post Primary segment and management shall look to leverage its sales infrastructure on Celtic Press, update the existing catalogue as well as driving efficiencies through the business.
Brian Gilsenan, CEO of CJ Fallon, said “We are confident this acquisition shall also stimulate organic growth, by indicating to teachers (and potential authors) that CJ Fallon is serious about the Post Primary market and increasing the likelihood of CJ Fallon signing additional prominent authors in the segment”.
