AURELIUS portfolio company Bertram Group completes sale of two subsidiaries and realigns business strategy to mitigate impact of COVID-19 crisis
Munich / London, April 3, 2020 - AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) today announces the sale of two Dutch subsidiaries by its portfolio company Bertram Group.
Bertram Group, a leading global book wholesaler based in Norwich, UK, has reached an agreement to sell Erasmus Antiquariaat en Boekhandel BV and Houtschild Internationale Boekhandel BV to Casalini Libri SPA, a strategic partner and family owned business based in Italy, thereby creating a truly pan-European bookseller for publishers and customers alike.
Erasmus and Houtschild are internationally active specialty suppliers and curators of premium-quality books and journals for academic and corporate libraries, with many years of experience in the procurement of hard-to-find titles.
While the coronavirus (COVID-19) continues to spread across the UK, Bertram Group has continued to respond robustly to the Government guidance released in recent weeks, particularly in relation to social distancing measures which has had a profound impact on the entire supply chain in the book industry.
Bertram Group’s wholesale business serving independent and major bookshops on the UK High Street, local libraries and universities will close temporarily in line with the shut-down of many of its customers while making active use of the British Government’s Job Retention Scheme over the next few months.
Aurelius will strengthen its focus on the award-winning Wordery online bookshop business which is an independent part of the Bertram Group and selling directly to end-customers. Wordery will continue to fulfil the growing demand for books purchased online, as more and more people are working from home and schools are closed, otherwise inhibiting children’s education.
Wordery will therefore continue to meet this very important social and economic need as other online platforms focus on categories such as medical and household products during this COVID-19 pandemic. Furthermore, the company’s management will continue to monitor the situation closely and adjust business procedures as necessary.