book distribution

Castle Harlan Exits Baker & Taylor

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Castle Harlan has sold Baker & Taylor, a distributor of books, video and music products, to Follett Corporation. Castle Harlan Partners IV, LP acquired Baker & Taylor in July 2006 in a transaction valued at $455 million.

Baker & Taylor is a distributor of physical and electronic books, videos, music products and a provider of services to libraries and retailers. The company has approximately 25,000 suppliers and sells to over 20,000 customers in 120 countries. Baker & Taylor is headquartered in Charlotte (www.baker-taylor.com).

Follett Corporation provides education technology, services, and print and digital content to pre-K and K-12 schools, and colleges in the United States and Canada. The company distributes new and pre-owned books, reference materials, digital resources, eBooks, and audiovisual materials. Follett is also the nation’s largest operator of college bookstores, with more than 1,000 campus bookshops. The company is privately held – the Follett family has owned the company for four generations – and has annual revenues of approximately $2.6 billion. Follett was founded in 1873 and is headquartered in the Chicago suburb of Westchester, IL (www.follett.com).

Castle Harlan makes control investments in middle-market companies in North America, Europe and, together with CHAMP Private Equity, in Australia. Castle Harlan has participated in eight private equity funds, five in the United States and three in Australia. Those funds totaled approximately $6 billion in capital commitments.  Castle Harlan was founded in 1987 and is based in New York (www.castleharlan.com).

Sagent Advisors (www.sagentadvisors.com) was the financial advisor to Baker & Taylor and Schulte Roth & Zabel (www.srz.com) provided legal counsel.  Jones Day (www.jonesday.com) provided legal counsel to Follett Corporation.

© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-20-16

Castle Harlan Acquires Book Wholesalers

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Baker & Taylor, a distributor of books and digital media to libraries and a portfolio company of Castle Harlan, has acquired certain assets of Book Wholesalers, Inc. from Follett Corporation.

Book Wholesalers is a provider of children’s and young adult books in both print and digital formats to public libraries. Products include books, graphic novels, DVDs and music, and adult and reference materials. The company was founded in 1987 and is based in McHenry, IL (www.bwibooks.com).

Baker & Taylor is a distributor of books, videos, and music products to libraries, institutions and retailers. Baker & Taylor also offers library services and retail merchandising programs. The company is based in Charlotte, NC (www.btol.com).

“Baker & Taylor is privileged to work with BWI to offer customers the unique benefits and value of our programs and services,” said George Coe, president of Library & Education at Baker & Taylor. “We are the industry’s leading distributor to public libraries and have developed the tools they need for continued success, including the Axis 360 digital media platform, two-day fulfillment of cataloged and processed materials, standing order and collection development services, and much more. We know BWI customers will benefit from the breadth of our programs and the personalized approach we offer each and every day.”

Castle Harlan, founded in 1987, invests in controlling interests in the buyout and development of middle-market companies in North America, Europe and, together with CHAMP Private Equity, in Australia. Since its inception, Castle Harlan has invested in more than 50 companies representing more than $10 billion in enterprise value. Castle Harlan currently manages investment funds with equity commitments of $3.5 billion. The firm is based in New York, NY (www.castleharlan.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 9-6-12