DLJ South American Partners Completes Investment in Santillana

DLJ South American Partners ("DLJSAP") announced the completion of the acquisition of a 25% interest in Grupo Santillana de Ediciones SL ("Santillana"), from Grupo Prisa ("Prisa"), for approximately US$370 million.  Santillana is the leading publisher in the educational text book and general publishing sectors in Latin America and Spain. With a presence in 22 countries, Santillana sold more than 117 million books in 2009.

DLJSAP led the investor group for the transaction, which also included Gavea Investimentos ("Gavea"), Highbridge Mezzanine Partners, Magna Capital, Stichting Pensioenfonds Zorg en Welzijin and several limited partners of DLJSAP, including Albright Capital Management, Honeywell Capital Management LLC, Partners Group, and PCGI .

As part of the investment, DLJSAP and Prisa have entered into a shareholders agreement establishing governance principles, which include the appointment by DLJSAP of two representatives to the Santillana Board of Directors.

Carlos Garcia, Co-Managing Partner of DLJSAP said: "We are very pleased to be partnering with Prisa to further expand the presence of Santillana in Latin America, and look forward to helping to consolidate its leadership in the educational and general publishing sectors in the region.  We have received a strong endorsement from our investors and other prestigious firms, demonstrating the quality of Santillana's opportunity."

Christopher Meyn, Head of Illiquid Strategies at Gavea, one of the largest Brazilian independent asset managers, complemented: "Gavea and DLJSAP have a long history of successful partnerships in transactions in Latin America.  We are excited to join them in this next chapter in Santillana's corporate history."

Ignacio Santillana del Barrio, Prisa's General Manager added: "This transaction is part of Prisa's previously announced strategy to incorporate capital and a strategic partner to further expand Santillana in Latin America, with a focus on Brazil and Mexico."

Miguel Angel Cayuela, Santillana's CEO, highlighted: "Along with DLJSAP, we have confidence in the future of educational and general publishing for both Spanish and Portuguese language markets. DLJSAP's participation expands our capabilities to grow and capture the opportunities available in these markets".

Santillana is a educational publisher and presented revenues and EBITDA of  E$ 617 million and E$ 152 million, respectively, in 2009. The company has an extensive footprint in Latin America, which generates more than two thirds of its revenues and EBITDA, and holds the #1 market share positions in educational publishing in most of the countries in which it operates.

DLJ South American Partners is a regionally dedicated private equity fund with a particular focus in the large South American markets and is led by a group of professionals with extensive experience investing private equity in the region.

Related Articles:

Santillana USA Publishing and HCN Announce New Strategic Content Alliance

Analysis: What is Prisa’s New Strategy after Cutting Back its TV Assets?

Analysis: What is Spain’s Prisa’s New Strategy?

Prisa’s Revenues in the U.S. and Latin America Grew by 11.4%

Spain’s Prisa Divests to Pay Down Debt


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