That is by definition what private inheritance is. For example, N4140 explains:
§11.2/1 [...] If a class is declared to be a base class for another
  class using the private access specifier, the public and
  protected members of the base class are accessible as private
  members of the derived class115.
Furthermore,
§11/1  A member of a class can be
— private; that is, its name can be used only by members and friends
  of the class in which it is declared.
The phrase "but are not accessible through the derived class." is a little vague, but if the intended meaning is "can't be accessed outside of the derived class except for friends", then it's true.
Note: read the access specifier as appertaining to inheritance. i.e., private inheritance means what it inherits is private, not that it inherits private members.