WHITE RIVER JUNCTION, VT — Independent book publisher Chelsea Green announced today that it has become an employee-owned company, with close to 80 percent of its stock to be held by its employees.
The move makes Chelsea Green unique among book publishers in an industry dominated by investor-driven, multinational corporations. Only a handful of independent book publishers can claim employee-ownership status, and of those Chelsea Green will be near the top in terms of the percentage controlled by employees.
The transaction, completed on June 29, allows a minority portion of the company’s privately held stock to be held by Ian and Margo Baldwin, who founded Chelsea Green in 1984 on the South Green in Chelsea, Vermont. Margo Baldwin is currently the company’s president and publisher and will maintain that role for the foreseeable future.
“Selling to our employees was the only way we could ensure the company could remain independent and stay in Vermont,” said Margo Baldwin. “The only one real way to repay investors, traditionally, is to sell. Our investors have been very patient over the years and this offered a way in which they could be repaid and allow Chelsea Green to continue its important role in the marketplace as an independent publisher.”
Chelsea Green was recently recognized by ForeWord Reviews as its 2011 Independent Publisher of the Year, in which the company was recognized for its “significant contributions in the categories of politics and sustainable living.” It also recently landed its fourth book on The New York Times bestseller list, with Sandor Katz’s The Art of Fermentation landing at number 14.
Given the company’s long-term mission of publishing ideas to help communities remain resilient and businesses sustainable while connecting to their sense of place, making the move to an employee-owned model is an example of the company practicing what it publishes.
“Ian and I are thrilled that the company has taken this important step and look forward to working with our employees to advance the mission and to create an even more successful and profitable company in the years to come,” added Margo Baldwin. National studies have shown ESOPs to outperform their private sector counterparts in terms of overall profitability, productivity, employee retention and employee earnings.
Chelsea Green joins a growing list of Vermont employee-owned companies, such as King Arthur Flour, Gardener’s Supply, PC Construction, and Carris Reels, among others.
Chelsea Green continues to buck the trend in the publishing industry in other ways — closing out yet another profitable year in 2011 with increased sales from the previous year. Unlike others in the industry, Chelsea Green has remained focused on publishing strong content that is valued by its readers—an active community that Chelsea Green is in continual engagement through the active use of social media and author appearances.
In 2012, so far, Chelsea Green has been adding staff in an effort to expand its digital offerings, and improve its existing online presence as well as provide greater outreach and publicity support for its authors.