Thomas Nelson Inc., a publicly held company since 1969, is to be taken back into private ownership. Stockholders and option holders stand to benefit from a $473 million buyout that will see private equity firm InterMedia Partners VII LP become owner of the company, it was announced Tuesday.

“This transaction provides Thomas Nelson's shareholders with outstanding value for their shares and a significant premium over recent trading prices,” said Michael Hyatt, president and CEO. “Going private at this time is also in the best interests of the company's employees, customers and authors, who are also key constituencies of the company.”

No leadership changes or job losses are expected as a result of the transaction, Hyatt explained. The Nashville-based publisher currently has 630 employees and describes itself as “the world's largest Christian content provider.”

“The company's identity remains exactly the same, same management, same company, same set of values, same mission, same culture. Nothing is changing except our capital structure,” he told Christian Retailing.

Thomas Nelson's board of directors voted unanimously to approve the transaction based upon the unanimous recommendation of a special committee of independent directors. Sam Moore, chairman of the board, and members of Moore's family who collectively control approximately one-third of the votes of Nelson's equity have agreed to vote in favor of the transaction.

“Obviously this is a bittersweet moment for me, but I am very pleased that the company will remain in the hands of Mike Hyatt and his management team,” Moore said in the company's statement. “InterMedia is a long-term investor who will be sensitive to and support Thomas Nelson's mission to remain at the forefront of Christian and inspirational publishing. I believe this is a very good transaction for the shareholders, and it has my and my family's complete support.”