The billionaire financier Leon Black has recently made as
many headlines for his art patronage as for his business deals. On Tuesday, he
combined the two, announcing an acquisition of Phaidon Press, a leading
publisher of fine art books.
Mr. Black, the chief executive of the private equity giant
Apollo Global Management, is paying an undisclosed amount for the London-based
Phaidon. He acquired the publisher from Richard Schlagman, a British
businessman. It is a personal investment for Mr. Black and has nothing to do
with Apollo. (That said, Phaidon is named after a Greek philosopher, and
Apollo, the Greek god.)
Phaidon is one of several high-end art-book publishers, a
group that includes Assouline and Taschen. While best known for its art titles,
the company publishes big, beautiful books on everything from children’s books
to cookbooks. Titles range from a collector’s edition of Nan Goldin photographs
($4,000) to Pushpesh Pant’s “India: Cookbook “($49.95).
In a statement, Mr. Black said that he and his family “look
forward to supporting the future growth of the company, including through the
ongoing development of its publishing program, further geographic expansion,
and the launch of digital products.”
Greenhill & Company advised Phaidon on the sale. Mr.
Black’s purchase of Phaidon was earlier reported by The Wall Street Journal.
Mr. Black is one of the country’s foremost art collectors.
Though he nor any of his representatives will confirm it, Mr. Black is said to have paid nearly $120 million
for Edvard Munch’s 1995 version of “The Scream” earlier this year. Sold in May
by Sotheby’s, “The Scream” became the most expensive artwork ever sold at
auction. Later this month the pastel will go on view at the Museum of Modern
Art, on whose board Mr. Black sits.
In May, Mr. Black and his wife announced a $48 million
contribution to a new visual arts center at Dartmouth College, Mr. Black’s alma
mater. As part of the gift, Mr. Black and his family have a sculpture
commissioned by the abstract artist Ellsworth Kelly. The piece will adorn a
wall facing the center.
As Mr. Black buys assets, his company, Apollo, is looking to
unload them. Last week, it sold shares of Berry Plastics Group, a company it
acquired in 2006, in an initial public offering that is trading below its
offering price. There are several other Apollo-owned companies that are trying
to go public, including the real estate company Realogy Holdings, which is
expected to hit the market on Wednesday.
Mr. Black is not the only Apollo billionaire making
purchases out of his own pocket. Josh Harris, a co-founder of Apollo, led a
group that last October paid $280 million for the Philadelphia 76ers
professional basketball team.