We describe a new method for constructing custom taxonomies from document collections. It involves identifying relevant concepts and entities in text; linking them to knowledge sources like Wikipedia, DBpedia, Freebase, and any supplied taxonomies from related domains; disambiguating conflicting concept mappings; and selecting semantic relations that best group them hierarchically. An RDF model supports interoperability of these steps, and also provides a flexible way of including existing NLP tools and further knowledge sources. From 2000 news articles we construct a custom taxonomy with 10,000 concepts and 12,700 relations, similar in structure to manually created counterparts. Evaluation by 15 human judges shows the precision to be 89% and 90% for concepts and relations respectively; recall was 75% with respect to a manually generated taxonomy for the same domain.