EQT V and GIC Special Investments Pte Ltd, the private equity arm of the Government of Singapore Investment Corporation Pte Ltd (GIC), announced that they have agreed to sell Springer Science+Business Media (Springer), a leading global scientific, technical and medical (STM) publisher, to the private equity firm BC Partners Limited (BC Partners) for a total enterprise value of around EUR 3.3 billion including a performance-related component, which allows EQT V to participate further in the promising development of the company.
EQT V and GIC acquired Springer in 2010 and installed a strong industrial board with media and database experts to support the excellent management team around CEO Derk Haank and the company. Since then, the owners have invested EUR 304 million and Springer has improved sales by 6.4% p.a. to EUR 981 million and EBITDA by 12.6% p.a. to EUR 341 million in 2012. (Press Release)