Hedge Fund-Owned Waterstones to Acquire Blackwell’s
Posted on 02/28/2022
Funds advised by Elliott Advisors (UK) Limited, through Waterstones (formerly Waterstone’s), have acquired Blackwell’s, an iconic academic and specialist bookseller in the U.K. This follows the acquisition of the Foyles bookshops in September 2018. Waterstones is owned by Elliott Advisors. Elliott Investment Management L.P. manages approximately US$ 51.5 billion in assets. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds under continuous management.
Toby Blackwell, Blackwell’s outgoing owner and President, said in a press release: “After 143 years of family ownership, finding a new home for our business and our wonderful booksellers, has been an extraordinary challenge. Waterstones have demonstrated in their acquisition of Foyles most recently, that they understand the advantages and benefits of holding diverse iconic bookselling brands in their portfolio. I view them not just as a buyer of the business, but as the right buyer at the right time. This is a positive outcome for Waterstones, Blackwell’s and all our customers in the UK and abroad, who will still be able to enjoy the individual nature of what both brands offer. I would like to thank our Chairman and Board and all of our fantastic staff, past and present, for everything they’ve done to uphold the Blackwell’s name over the years. I wish everyone well with this new chapter.”
Elliott Advisors acquired Waterstone’s in April 2018. Elliott also bought Barnes & Noble.
Waterstones is a high street bookseller with 291 bookshops, including Foyles, Hatchards, Hodges Figgis and branches in Ireland, Brussels and Amsterdam. It is a national specialist book retailer, with the average sized shop carrying a range of around 30,000 individual books and with over 200,000 titles in the largest shop.
Keywords: Elliott Management Corporation.
