Walker Books and its global subsidiaries, which include Candlewick Press, have been acquired by Trustbridge Global Media, the global children's content company formed in 2016 by growth equity firm Trustbridge Partners. Prior to the sale, Walker was majority-owned by trusts for the benefit of the group's officers and employees and their families.
The acquisition was called "an important step forward" for the Walker group of companies, which includes Walker Books UK (London); Candlewick Press (Somerville, Mass.); Walker Books Australia (Sydney) and Walker Productions (London), "with enhanced ability to access new markets and is expected to help accelerate the company's growth and expansion in publishing and other media."
Both companies emphasized that the transaction was completed on the same terms that had been negotiated earlier this year, before the Covid-19 global pandemic hit. Walker and Trustbridge said they "see this as a long-term investment in the creation of intellectual property that will be enjoyed for generations."
Walker was first approached by Trustbridge about the acquisition "based on their shared commitment to building quality content for children and Walker's global reputation," according to the announcement, which noted: "It is expected that the sale will strengthen Walker by providing a stronger capital base for expansion while also preserving the culture of the company as an independent and creatively-led organization." The group's business strategy will remain focused on promoting its multiple lists of titles for children and young adults, as well as the development of key franchises and properties via licensing and multimedia development.
No changes to operations are contemplated. The group will continue to be led by longtime managing director Karen Lotz, with Roger Alexander continuing as non-executive chairman. The Walker Group is expected to remain headquartered in its current Vauxhall, London offices and its subsidiaries will retain their respective sites as well.
"We are tremendously excited to be working with Karen Lotz and her colleagues," said Dan Sullivan, vice-chairman of Trustbridge Partners. "Walker and Candlewick represent an exceptionally strong strategic fit for TGM, where the highest priority is placed on building children's content of quality and enduring value for young people around the world.”
Lotz commented: "For the past 40 years, Walker has charted an independent path into markets around the world under the twin guiding lights of quality and a commitment to the primacy of reading in the lives of children and young adults. Now we are looking forward to an exciting new chapter as part of the Trustbridge family. On behalf of our hardworking and devoted staff, as well as our incredibly talented authors and illustrators, the directors and Trustees are delighted to know that the future of the company will be supported to its full potential in this generous and compelling way."