Encyclopaedia Britannica and its Merriam-Webster subsidiary were both transitioning from print to digital platforms. Encyclopaedia Britannica was also in the early stages of developing Encyclopaedia School, a product for K-12 students.
Encyclopaedia Britannica and Merriam-Webster needed a line of credit to execute the transition from print to digital. Merriam-Webster had a small line of credit with a regional bank, although Encyclopaedia Britannica itself did not.
Siena offered Encyclopaedia Britannica a $10 million facility, which included a term loan against the trade name.
During its time with Siena, Encyclopaedia Britannica successfully executed on its strategy of transitioning the company’s reference tools from print to digital. In the midst of this process, the company saw its overseas business take off dramatically, and needed a lender with an international presence as a result.
“Encyclopaedia Britannica is a company with a long, storied history and I knew we had to be a part of it. We worked with the company and in the end, were able to provide a term loan against the trade name—a structure that isn’t very common. It was a privilege to be a part of Encyclopaedia Britannica’s history and help the company execute on their strategy and transition to the future.”
