New York, March 2, 2009 -- Berkery Noyes, a leading independent investment bank serving the media and information markets, announces that it represented Ten Speed Press in its sale to Random House, Inc., the book-publishing division of Bertelsmann AG. Terms of the transaction were not disclosed.
For almost four decades, Berkeley, California-based Ten Speed Press has built a reputation for critically acclaimed and perennially popular books in the business and career, cookbook, and mind, body, and spirit categories. The Company publishes more than 100 new hardcovers and trade paperbacks annually and has a backlist of more than 1,000 active titles. Among the books published by Ten Speed Press are Richard Bolles’ What Color Is Your Parachute, the bestselling job- hunting book in the world with more than 10 million copies sold; Mollie Katzen’s classic The Moosewood Cookbook (more than 2 million copies sold); and The New Detox Diet by Elson Haas and Daniella Chase (more than 500,000 copies sold.
Phil Wood commented, "I am confident Ten Speed Press, the Company I founded and have owned for almost four decades, will thrive under Random House, whose highly professional people are committed to, and fully understand, publishing."
"With its impressive roster of books and authors, Ten Speed Press enhances our already diverse publishing program," said Jenny Frost, President and Publisher, The Crown Publishing Group. "We are committed to continue to nurture the independent spirit, imagination, and editorial excellence that have long been the hallmarks of their publishing philosophy."
"This transaction was consummated despite the tumultuous markets because of the strong strategic fit between the two companies. We succeeded in fulfilling Phil Wood’s goal of finding an acquirer that would maintain the Company’s presence in Berkeley and provide continuity in its publishing traditions" said Mary Jo Zandy, Managing Director of Berkery Noyes. "Ten Speed is a unique Company, long cherished by Phil Wood, its staff and authors."
About Berkery Noyes - Berkery Noyes, a leading independent investment bank serving middle-market information businesses worldwide, has been involved in many notable transactions in the media and information sectors, including Gale’s acquisition of HighBeam, Wicks’ acquisition of Gordian, Leeds’ acquisition of Ex Libris and Oxford University Press’ acquisition of Roxbury. For more information, visit: www.berkerynoyes.com
About Ten Speed Press. - Ten Speed Press is a nonfiction book publisher that has been based in Berkeley, California, for more than 35 years. Ten Speed’s books are sold worldwide through its international distribution partners and its Canadian sales office in Toronto. After 35 years in business, Ten Speed had become one of the largest, bestselling independent publishers in the United States.
About Random House, Inc. -- Random House, Inc is the world's largest English-language general trade book publisher. It is a division of Bertelsmann AG, one of the foremost media companies in the world.