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Transcontinental enters a high-growth-potential publishing segment by acquiring Cheneliere Education

Friday, September 01, 2006

Press release from the issuing company

MONTREAL, Aug. 31 -- Transcontinental announced today it has acquired Chenelière Éducation, the largest French-language educational resources publisher in Canada. Chenelière Éducation is a leader in the creation, development, adaptation, translation, publishing, promotion and distribution of French-language educational resources. The company publishes educational texts and related materials for all education sectors, from kindergarten to university, including teachers' resources, adult education, and vocational training. Chenelière Éducation is the privileged partner of Francophone education and French-immersion programs across Canada. The company works with professionals from these fields in every Canadian province and territory. The 5500 titles in Chenelière Éducation's catalogue are the result of the work of more than 2000 authors and are used in the vast majority of French-language educational institutions across Canada. Founded by Michel de la Chenelière in 1984, the company has grown quickly in the past few years through internal initiatives, the acquisition of such well-known publishers as McGraw-Hill Éditeur (the French-language division of McGraw-Hill Ryerson), Gaëtan Morin Éditeur, Publications Graficor and Groupe Beauchemin, and through important investments in textbook development for the Quebec market, notably in the context of the current curriculum reform. The company employs about 190 people in the Montreal region and in 2006, its revenues were close to $50 million. "For Transcontinental, the acquisition of Chenelière Éducation instantly makes us a market leader in French-language educational resources publishing while also helping us diversify our media sector's revenue base into non-advertising-related revenue streams," said Luc Desjardins, president and CEO of Transcontinental Inc. "Chenelière's strong management team have built a solid company that is well diversified both geographically and by the subjects and educational niches it covers. Transcontinental has ensured that the current management team, led by president and general manager Jacques Rochefort, will stay on to develop and grow this segment with us. The company has a consistent track record of generating strong cash flow and should be accretive to earnings in the first year. As Transcontinental is already a book publisher and printer, this acquisition represents a natural development ofour product and service offering." For his part, Michel de la Chenelière, executive chairman and founder of Chenelière Éducation, said: "I am proud that the company I founded is joining the Transcontinental family, a well-established company who, as our principal printer over the past 20 years, we have developed a strong business relationship with, and who have strong values we share. For us, Transcontinental represents a perfect fit to continue and expand the success we have established." Chenelière Éducation will become part of Transcontinental Media, one of Transcontinental's three sectors of operation that comprises the company's magazine, newspaper and book publishing activities as well as its digital properties and door-to-door advertising material distribution network. Jacques Rochefort, president and general manager of Chenelière Éducation, added: "We are very pleased that our new owner, Transcontinental, has decided to invest in education, a fast-growing environment thanks to the high priority it holds for all Canadians. Transcontinental's commitment to continue to grow this new segment of its media sector is excellent news for all of Chenelière Éducation's employees and partners. Strengthened by Transcontinental, we will continue to serve the needs of Canada's teachers and students. We are excited to be part of the fourth-largest print media group in Canada and look forward to contributing to the continued success of Transcontinental Media."




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