Founded in 1883, Group De Boeck was a leading Belgian publishing company specialized in the educational, university, legal and professional segments, both in French and Dutch. Following Ergon’s acquisition of Group De Boeck, the Company was split into three independent publishing companies, namely Larcier (professional publishing), De Boeck Education (educational publishing) and De Boeck Supérieur (university publishing), each with tailored growth strategy within a distinct market context.
Our investment thesis consisted in acquiring a Belgian publishing company with leading positions in specific niches and with the opportunity to split the company in three independent publishing houses. For each publishing house a dedicated management team was appointed and a focused strategy was developed addressing the distinct underlying dynamics of each niche. All companies benefited from a highly recurring business model with high entry barriers through large active portfolios, strong brands and solid relationships with authors. Depending on the publishing house, growth was realized through organic developments of the portfolio or a targeted buy-and-build strategy. Ultimately, Ergon successfully sold each business unit to a logical strategic buyer.