March 12, 2014, 04:10 / Business

Mikhail Ivanov sold his stake in Mann, Ivanov and Ferber to Eksmo publishing house

The publisher left the company due to moving to permanent residence in the USA Ksenia Boletskaya

Eksmo increased its stake in Mann, Ivanov and Ferber LLC (MIF) to 84%. As Oleg Novikov, general director of Eksmo, said, the publishing house bought out 20% belonging to the co-owner and general director of the LLC, Mikhail Ivanov. Ivanov confirmed this. He refused to name the exact amount for which the stake in the company was sold, but clarified that it was “millions of dollars.”

MIF specializes in publishing business, children's and sports literature. The publishing house was created in 2005 by Igor Mann, Mikhail Ivanov and Mikhail Ferber.

Ivanov sold his share in MIF due to his departure to the USA. He decided to live in this country, or more precisely, in the small city of Boulder in Colorado, because of the good environment and better conditions for children, the opportunity to communicate with nature, a longer life and the global opportunities that life in the USA offers.

Eksmo became a co-owner of MIF back in 2008, when it acquired a 30% stake in this company. Ivanov and Novikov then said that MIF and Eksmo, although they both publish business literature, do not interfere with each other. “We deal with more mass-produced business literature, and MIF deals with more premium literature,” Novikov explained to Vedomosti.

In 2011, Eksmo increased its share in MIF to 64% of shares. It was a no-cash deal; Eksmo, in exchange for increasing the package, transferred to MIF its own division of business literature and the assets of Alpina Business Books. This business publishing house Eksmo was bought out in the same year from Sanoma Indepent Media (SIM, publishes the Vedomosti newspaper).