Thomas Nelson, the world ’s largest Christian publisher, announced today that an investor group led by Kohlberg & Company has acquired a majority of its stock. This investment will significantly improve the company’s capital structure and eliminate the majority of its long-term debt.
In connection with the investment, Thomas Nelson also announced the addition of several new directors to its board, including senior executives of Kohlberg & Company as well as other leading media and publishing executives, most notably Jane Friedman, current CEO and Co-Founder of Open Road Integrated Media and former CEO of HarperCollins Worldwide. Michael Hyatt, Thomas Nelson’s CEO, will also become Chairman of the board of directors.
Hyatt said, “We are very excited about what this means for Thomas Nelson’s future in the rapidly evolving publishing industry. We are eager to start working with Kohlberg and our other new board members as we build upon our success bringing some of the most talented Christian authors and speakers to millions of people around the globe.”
Chris Anderson, partner of Kohlberg & Company, said, “Thomas Nelson remains the clear leader in the Christian publishing world and is poised for growth in this new era. Mike and his team have done an excellent job managing the company through the challenges of the recession and we stand behind them as we enter the future.”