January 2015

Tantor Tombstone - Web Site

 

Southport, CT- Carter Morse & Mathias ("CMM") is pleased to announce that its client, Tantor Media, Inc., based in Old Saybrook, Connecticut, ("Tantor") has sold 100% of its stock to Recorded Books, a portfolio company of Wasserstein & Co., LP. Carter Morse & Mathias served as Tantor's exclusive financial advisor for the transaction, which closed on December 31, 2014. Terms of the all-cash transaction were not disclosed.

Tantor, founded in 2000, is one of the largest independent audiobook publishers in the United States, producing titles across a broad array of categories. Tantor's extensive catalog of titles includes Man Booker, Pulitzer, and National Book Award winners, as well as countless New York Times bestsellers. Tantor's proprietary title selection processes and innovative audiobook production software have enabled the company to grow aggressively. Tantor titles are available through all major retailers, distributors and on tantor.com.

Recorded Books is the largest independent publisher of audiobooks and provider of digital content to the library, school, and retail markets. The company now owns an exclusive catalog of over 22,000 audiobook titles narrated by professional, award-winning actors. Recorded Books was founded in 1979 and is headquartered in Prince Frederick, MD. For more information, visit .

Tantor co-founder and CEO Kevin Colebank said, "CMM dove deep to truly understand our business intimately, then was extremely helpful in preparing the company for sale during a period of rapid growth. They worked tirelessly with our management team, Wasserstein, Recorded Books and their advisors to successfully close the transaction incredibly quickly."

Colebank added, "This transaction is very complementary and synergistic between management teams, business models, product lines and customers and creates an exciting opportunity to accelerate our growth, enhance our capabilities and gain access to greater resources. Tantor now becomes part of a widely-respected international organization especially as the publishing industry continues to embrace a shift towards digital and the growth in audio content."

Michael Carter, Managing Director of CMM, explained, "Following several months of preparation to best position the company and maximize value, we were able to close this transaction in 27 days following the execution of the Letter of Intent, thanks to the compelling strategic fit and extraordinary efforts from both sides. Our compliments to the Wasserstein and Recorded Books team, whose professionalism was evident throughout the process and who delivered on what they promised."

Other transaction advisors included Jones Day, who served as legal advisor to Recorded Books, Robinson & Cole, who served as legal advisor to Tantor and CohnReznick, who served as the accountants for Tantor.

For more information, please contact Michael Carter or Ramsey Goodrich at CMM.

About Carter Morse & Mathias

Founded in 1987, Carter Morse & Mathias, based in Southport, Connecticut, is a full service investment-banking boutique that provides the highest quality corporate finance advisory services to outstanding closely-held entrepreneurial and middle-market companies.  CMM provides a full range of investment banking services, including sell-side advisory, raising capital, buy-side advisory, and valuation services. CMM is a charter member of AICA, an international network of M&A professionals in over 20 countries in the Americas, Europe, Asia and the Middle East.  CMM's Broker/Dealer affiliate, Carter Capital Corporation, is a FINRA member firm registered with the SEC and SIPC.     For more than 27 years, CMM professionals have helped hundreds of business owners to conceive, initiate, structure and close M&A and capital transactions.