The American billionaire and prominent art collector Leon Black and his family have bought the British publisher Phaidon Press.
Mr Black and his family acquired the reputable and high-end art book specialist Phaidon for an undisclosed amount from the British businessman Richard Schlagman.
This acquisition is believed to be a personal venture and, as such, has nothing to do with Apollo Global Management, the private equity firm he founded.
According to the Financial Times, Phaidon is in a good financial position, reporting that the publisher’s revenues rose by 17 per cent to £25 million in the year to June 2011.
“We have greatly admired Phaidon and the important contribution the company has made to art and culture. We are impressed with how Richard Schlagman has built the business and the Phaidon brand under his ownership over the last two decades,” Mr Black said.
“My family and I look forward to supporting the future growth of the company, including through the ongoing development of its publishing program, further geographic expansion, and the launch of digital products.”
Mr Schlagman said the decision to sell Phaidon was not an easy one, but had found the perfect buyer in Mr Black.
“From my vantage point, this is the perfect combination to guarantee a great future for Phaidon,” he said. “I am delighted to hand over this precious baton to a family with such sensitivity towards Phaidon’s products.”
Mr Black and his family are actively involved in the art world and announced in the spring of this year that they were donating $40 million (approximately £25 million) to a new visual arts centre at Dartmouth College, New Hampshire.
He is also thought to be the buyer behind the $120 million (£75 million) purchase of Edvard Munch’s The Scream, which became the most expensive work of art sold at auction. However, he has refused to comment on it.
Cadogan Tate specialises in art transportation, fine art storage and art logistics, helping galleries, museums and collectors manage their collections.