ePals acquires Carus Publishing
Clients ePals Corporation
Jones Day advised ePals Corporation in its acquisition of Carus Publishing Company. Carus Publishing Company, which includes the Cricket Magazine Group, Cobblestone Publishing and Open Court Publishing, publishes 14 magazine titles covering all age groups (0 to 14+) on a variety of subjects (fiction, science, history, culture), hundreds of books, and a collection of recognized Web and mobile applications.
Pursuant to the acquisition, Carus merged with an indirect wholly-owned subsidiary of ePals, for consideration comprised of cash and restricted common voting shares of ePals. Based on meeting or exceeding revenue growth targets in the ePals' At Home business in each of 2012, 2013 and 2014, ePals would pay to the sellers of Carus agreed earn out amounts.