Prim-Ed Acquiring After €15m Investment

05 Feb 2016 | 03.15 pm

Prim-Ed Acquiring After €15m Investment

Irish firm to acquire global partner RIC Publications

05 Feb 2016 | 03.15 pm

Prim-Ed Publishing is to acquire its global partner, RIC Publications, after securing a €15m investment from MML Growth Capital Partners Ireland and AIB Corporate Banking.

Prim-Ed provides tailored resources to the Irish and UK education sectors, including workbooks, posters, software and other materials. The company employs 27 in New Ross, as well as further staff based in Ireland, the UK and Spain.

The RIC Publications group operates in Australia, New Zealand, South Africa and Malaysia. The investment will see Prim-Ed Publishing double the workforce at its Irish headquarters in Wexford over the next five years.

According to Prim-Ed CEO Seamus McGuinness (pictured), all global marketing and financial activity will be centralised in New Ross, which will remain the company’s global headquarters and centre of best practice.

Prim-Ed Publishing has been working with RIC Publications since the mid -2000s. The global takeover will now see Prim-Ed Publishing extend its operation across five continents, with sales and licensing agreements in 22 countries.

Said McGuinness: “This is a landmark move for what, is now, a truly international publishing company, which started out in the front room of my own home 22 years ago.

“The negotiations with RIC Publications have been ongoing since March 2015 and we are extremely thankful to our financing partners, our advisors at PWC and our legal team at Eugene F. Collins for their support. Negotiating a deal across five continents involving different time zones, currencies and legal systems, was a complex task.”

Its investment partner, MML Growth Capital Partners Ireland, is a €125m fund supported by Enterprise Ireland, AIB and international investors.

Neil McGowan, who led the deal for MML and will join the board, said: “Prim-Ed/RIC has a very strong track record of helping educators around the world with its existing and growing library of tailored resources, workbooks and teacher aids.”

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