Black in 2007. (Andrew H. Walker/Getty Images)

It seems that billionaire art collector and private equity heavyweight Leon D. Black understands the old adage that you can't take it with you. Over the past year he has been the rumored buyer at Sotheby's of the $120 million Munch Scream, which will go on view at MoMA later this month, and now his family has purchased Phaidon Press from Richard Schlagman, the owner of the art publisher since 1990. The financial details of the deal were not released.

"The decision for me to part with Phaidon was not an easy one," Mr. Schlagman said in a statement released to press. "Once taken, however, the profile of the ideal buyer in my mind was exceeded in reality by Leon Black and his family." Mr. Black is the founder of the New York–based Apollo Global Management private equity firm and is worth around $3.5 billion, according to Forbes. That makes him the 330th richest person in the world, by the magazine's calculations.

Mr. Black added in a statement of his own, "My family and I 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.”