From Crain's: Private equity firm reportedly buying National Archive Publishing Co.
Scio Township-based National Archive Publishing Co. - formerly part of Proquest - will be acquired by a Detroit-based private equity firm this week, according to a report published today in Crain's Detroit Business.
The price is undisclosed, according to the article, but the deal involving Superior Capital Partners will save about 140 jobs, according to the story.
It's a "lender-forced asset sale," according to the article.
The company was formed in 2005 when it acquired some of the assets of the former ProQuest, including the building located at 300 N. Zeeb Road at I-94. It sells archived information to schools and libraries and also does custom publishing.
NAPC laid off 120 workers earlier this year when it sold its microfilm publishing business to the current ProQuest, now a division of Cambridge Information Group.
NAPC once had over 350 employees and was aiming for 400, but started to cut payroll during two rounds of layoffs in 2007.
NAPC generated $30 million in revenue in 2008. According to Superior Capital's website, the company will invest up to $20 million in each of its deals, though initial investment criteria call for "Control-oriented equity investments in which Superior can invest generally between $5 million and $15 million."
Besides its Ann Arbor headquarters, it operates locations in Louisville, Ky.; Wooster, Ohio; and Acton, Mass.