Follett Buys Baker & Taylor
From The Chicago Tribune:
Westchester [IL]-based Follett, best known for selling books and other materials to schools, colleges, bookstores, students and K-12 libraries, on Monday announced what it said was the biggest deal in its 142-year history by buying Baker & Taylor, a provider of books, video and music products to public libraries worldwide.[Clip]
Baker & Taylor, based in Charlotte, N.C., had been put up for sale by its New York-based private equity owner, Castle Harlan, which has owned the company since 2006.
Follett said the deal would boost its revenues from about $2.6 billion to $3.6 billion, make it a major player in public libraries and raise its profile outside of North America.
Ray Griffith, Follett chief executive, said that, before the deal, his company generated about 1 percent of its revenues outside of North America; in contrast, markets outside of North America make up almost a third of the sales of Baker & Taylor, which serves 120 countries, including the United Kingdom, Australia and New Zealand. Baker & Taylor also serves Southeast Asia and is starting to move into the Middle East.
Terms weren’t disclosed.
Read the Complete Chicago Tribune Article
See Also:Follett Acquires Baker and Taylor (News Releases and Video)
George F. Coe, Baker & Taylor’s President and Chief Executive Officer, will continue to lead the business as Follett Group President, Baker & Taylor and Follett School Solutions, reporting directly to Griffith. “George brings decades of industry leadership and relationships to Follett that will benefit our own school library and PreK-12 business as well,” added Griffith.
Coe joined Baker & Taylor in 2000, and was instrumental in developing Baker & Taylor’s Customized Library Services, Digital Media and eContent Platform Delivery Services and outsourcing capabilities in Collection Development Services.
Note: Video Begins with Intro by Follett Executives
About Gary Price
Gary Price (firstname.lastname@example.org) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. He earned his MLIS degree from Wayne State University in Detroit. Price has won several awards including the SLA Innovations in Technology Award and Alumnus of the Year from the Wayne St. University Library and Information Science Program. From 2006-2009 he was Director of Online Information Services at Ask.com. Gary is also the co-founder of infoDJ an innovation research consultancy supporting corporate product and business model teams with just-in-time fact and insight finding.