Carlyle sells majority stake in Newgen to PE consortium
The Carlyle Group has sold its majority stake in Chennai-based publishing and data services firm Newgen to a private equity consortium comprising Franklin Templeton Private Equity Strategy, Aureos South Asia Fund and ePlanet Capital. Financial details were not disclosed.
First Carlyle Ventures III has held the stake in Newgen - estimated to be as much as 65% - since 2004, having reportedly bought it for just under $10 million.
The company has been in operation since 1996 and provides outsourced services to publishers globally, including academic, professional and higher education titles in the US, the UK and Europe. Its services for books and journals include author liaison processes, development editing, copyediting, design, artwork and permissions, typesetting and ebook delivery.
The company claims 600 professionals, with more than 80% holding a Masters or PhD degree in science, engineering or IT. It touts an annual growth rate of 50% since 1996, with nearly 80% of its new business coming from existing clients. In 2005, Newgen merged with G&S Typesetters.
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