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Baker & Taylor Sold
For $455 Million Date: 5/12/2006 |
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Baker & Taylor, the nation's second largest book wholesaler (and leading distributor to public and academic libraries), has been sold to Castle Harlan, a New York-based private equity investment firm for $455 million. Another private equity firm, Willis Stein, acquired B&T in mid-2003 for $255 million and augmented the company with a number of acquisitions that expanded its international reach including Delta International Book Wholesalers in the U.K. and the Spanish language distributor Libros Sin Fronteras before negotiating the current deal with Castle Harlan. Castle Harlan's acquisition of B&T should close later this year. A spokesman for Castle Harlan expressed confidence in the current B& T management team. "The experienced management team led by Richard Willis, president and chief executive officer, that has directed its growth will continue to manage the business as our partners, and senior management will continue to retain an ownership stake in the company," he said. Castle Harlan's portfolio of companies has an estimated value in excess of $8 billion and includes such diverse enterprises as Ames True Temper, a manufacturer of lawn and garden tools; Horizon Lines, one of the largest U.S. container shipping companies; and the Perkins Restaurant chain of more than 480 family restaurants. |
| Source: ICv2 |
