HUNGARY - Royalton sells educational publisher

Royalton originally acquired its 45% stake in Láng in November 2000 and has since helped the company grow into a large educational publishing business.

Royalton split the company in 2003 into Láng Publishing & Holding and Láng Security Technology Holding. As part of this restructuring, the group’s security printing business, Allami, was demerged. Allami had also been owned by Baring Corilius, a former Barings Central European investor that has recently been acquired by Société Générale Asset Management. Baring had seeded the company in 1998 and realized a 30% IRR when Royalton’s Lang bought Baring’s stake in April 2005. Then in December 2005, Royalton floated the company on the Budapest Stock Exchange, nearly doubling its investment since the sale by Baring.

Láng Publishing grew through acquisition, adding a Perfekt Zrt, the country’s largest major vocational training and adult education company and in February 2005 the business bought a 70 per cent stake in school books publisher Hungarian National Textbook Publishing House (Nemzeti Tankönyvkiado), which has a one-third share of the Hungarian textbook market.

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