UPDATE June 9, 2020: New Chapter Begins for OverDrive as Part of Private Equity Firm KKR (Crain’s Cleveland Business) ||| OverDrive Blog Post
From KKR:
“KKR is delighted to be investing in OverDrive, a premier digital content platform that serves libraries and library patrons around the world,” said Richard Sarnoff, Member at KKR.
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“OverDrive is very excited to work with the world-class KKR team due to their track record of accelerating digital media and technology businesses in global markets,” said Steve Potash, founder and CEO of OverDrive. “This provides access to an extraordinary network of capabilities to empower our institutional partners for the benefit of the communities and readers they serve.”
KKR is making the investment in OverDrive from its KKR Americas XII Fund.
Read the Complete Announcement
Worth Noting: KKR Acquired RBMedia providers of the RBDigital and Audiobooks.com platforms for audiobooks and other digital content on July 16, 2018.
Worth Noting 2: KKR is one of four majority shareholders of Cengage Learning. KKR’s Richard Sarnoff (Chairman of Media, Entertainment and Education, Americas) and Kermit Cook, Co-Head of KKR Capstone in the Americas, are members of the Cengage Board of Directors.
From Marketwatch.com:
The two sides did not provide a price tag for the Ohio-based property, which Rakuten purchased for $410 million in 2015, but Rakuten said it would recognize about $365.6 million in profit from the sale in the first quarter of 2020. KKR said that Overdrive serves 43,000 libraries and schools in 75 countries, and that it will use money from the KKR Americas XII Fund for the investment.
Read the Complete Report
See Also: Announcement of Agreement Regarding Transfer of All Shares of OverDrive Holdings, Inc. (via Rakuten)
See Also:Review Other Companies in the KKR Portfolio
See Also: From March 19, 2015
Official Statement and CEO Letter: OverDrive Sold to Rakuten For $410 Million in Cash
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