Penguin Putnam Inc. Signs Agreement to Acquire The Avery Publishing Group.
Over 400 Backlist Titles
NEW YORK, Aug. 19 /PRNewswire/ -- Penguin Putnam Inc. announced today that it has signed an agreement to acquire The Avery Publishing Group, a publisher of books on health, fitness and other self-help topics based in Garden City, NY. Avery has an extensive health care backlist, including Prescription for Nutritional Healing by James and Phyllis Balch, an "industry bible," with more than 5 million copies in print since its release in 1990, and Juicing For Life by Cherie Calbom and Maureen Keane.
The acquisition will bolster Penguin Putnam's impressive line of health care titles and will position the company as one of the pre-eminent publishers in the burgeoning health care and nutrition category. Penguin Putnam's titles in this category include H.W. Griffith's Guide to Prescription and Non-Prescription Drugs, Peter D'Adamo's Eat Right 4 Your Type and Joanna Lund's Healthy Exchanges books. The parties expect the transaction to close by mid-October, subject to regulatory clearances and customary conditions.
Rudy Shur, Avery's President and Publisher, commented: "Our decision to sell the company was not an easy one to reach because Avery has been our professional home for 23 rewarding years. However, the decision was based on our strategy to enhance our position in the industry. We want our employees to know how deeply we appreciate their many contributions over the years. We are proud of the fact that we have successfully built a known brand name in the health care and nutrition markets. We have published many top-selling books in this category, which is a credit to the tremendous efforts of our devoted colleagues. Penguin Putnam is a company we have always admired and respected. The Avery brand is a natural fit with Penguin Putnam and our books will undoubtedly benefit from their already strong presence in this growing market."
Phyllis Grann, President of Penguin Putnam Inc., the U.S. affiliate of the Penguin Group, commented, "We are delighted with the prospect of welcoming Avery to our company and believe that Avery's titles will be a perfect complement to our own health care and nutrition titles. With Avery's over 400 backlist titles, many of which have been top sellers in their category, we are positioning Penguin Putnam to be a leader in this very rapidly expanding market."
Michael Lynton, Chairman and Chief Executive Officer of the Penguin Group, commented further, "The Avery acquisition is consistent with Penguin's overall strategy to pursue niche acquisition opportunities in expanding market segments that help generate top-line sales growth."
Penguin Putnam Inc. is the U.S. affiliate of the internationally renowned Penguin Group. Penguin Putnam is one of the leading U.S. adult and children's trade book publishers, owning a wide range of imprints and trademarks including Berkley Books, Dutton, Frederick Warne, G.P. Putnam's Sons, Grosset & Dunlap, New American Library, Penguin, Philomel, Riverhead Books and Viking, among others. The Penguin Group is owned by Pearson p1c, the international media group.
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|Date:||Aug 19, 1999|
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