US private equity firm Eureka Growth Capital acquired the Law School Publishing (LSP) business of Thomson Reuters (publisher of peHUB Canada) for an undisclosed amount. The deal, done in partnership with LSP senior management, was undertaken through a newly-formed newly-formed affiliate, the Eagan, Minnesota-based West Academic Publishing, which provides legal textbooks, casebooks, study guides and other course-related materials in both print and digital media formats. The acquisition closed in February, 2013.
Eureka Growth Capital Acquires Law School Publishing Business from Thomson Reuters
PHILADELPHIA, PA, February 6, 2013 – Eureka Growth Capital (“Eureka”) today announced its acquisition of the Law School Publishing (“LSP”) business of Thomson Reuters through its newly-formed affiliate, West Academic Publishing. Eureka partnered with the senior management team of LSP to acquire the leading provider of higher education learning materials for the law school market. West Academic Publishing represents Eureka’s second platform investment in Eureka III, L.P.
Headquartered in Eagan, MN, West Academic Publishing provides legal textbooks, casebooks, study guides and other course-related materials in both print and digital media formats for law school faculty and students in the United States. West Academic Publishing provides its products under the West Academic, Foundation Press and Gilbert imprints.
“We are very excited to partner with an outstanding management team to leverage West Academic Publishing’s leadership position and outstanding relationships with the top legal scholars in the United States to drive new growth in the evolving legal education market,” said Chris Hanssens, Managing Partner of Eureka and a Director of West Academic Publishing. “From West Academic’s first published casebook in 1908 to today’s emerging digital products including the Interactive Casebook Series and Law School Exchange, West Academic Publishing has continued to provide the highest quality, innovative learning materials focused on teachability and current pedagogical trends.” Chris Miller, a Principal with Eureka who will also join West Academic Publishing’s Board of Directors, added, “The legal education market is facing challenges as enrollments decline. West Academic Publishing’s ability to provide best-of-breed products to law schools, faculty and students can provide solutions for our law school customers and opportunities for significant growth as the legal economy recovers.”
“Throughout the acquisition process, Eureka has demonstrated that it brings the commitment, resources and seasoned leadership to support the long-term goals and success of the business,” said Chris Parton, CEO of West Academic Publishing. “We look forward to working closely with the Eureka team to build on our long history of serving law school faculty and students with the highest quality educational materials.”
Fifth Third Bank provided debt facilities to support the acquisition.
About Eureka Growth Capital
Eureka Growth Capital is a private equity firm targeting niche market leaders with up to $75 million in revenue. Eureka focuses on partnering with proven managers to drive the growth of promising companies into outstanding enterprises. Eureka leads buyouts that bring significant ownership to the operators driving the success of the business and minority recapitalizations with flexible investment structures designed to uniquely meet the needs of the company, its management team and other shareholders. More information about Eureka Growth Capital can be found at www.eurekagrowth.com.
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