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.
Laura and Kevin Colebank, the founders and owners of Tantor were seeking a strategic partner who could accelerate their growth, enhance their capabilities and gain access to greater resources. They wanted to maximize value while knowing their company that they built was in good hands with a respected industry company committed to the audio book industry. The key to maximizing after tax proceeds was a stock sale.
CMM ran a targeted auction process and approached a number of strategic buyers who had compelling rationales to acquire the company. Before approaching the market, CMM spent months with the company and its management team preparing for the transaction and developing detailed financial support for Tantor's future growth. Tantor co-founder 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."
Ultimately, the founders chose Recorded Books, one of the industry's most respected companies who are backed by Wasserstein & Co, LP. The terms of the all-cash deal to purchase stock were not disclosed. Laura and Kevin Colebank will be advisors during a six month transition phase.
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