Though details were limited at press time, Willis Stein & Partners, a
private equity firm, announced it is acquiring mega-book wholesaler Baker &
Taylor (B&T) from parent The Carlyle Group for a reported $255 million. In
announcing the purchase, the Chicago-based Willis Stein said that Richard Willis
will be appointed CEO of B&T once the deal is consummated in mid-July.
Willis reportedly has more than 20 years' background in media and manufacturing.
He worked with the equity firm at Peterson Publishing and was formerly chief
executive of school book club operator Troll Communications Inc. B&T's CEO
Gary Rautenstrauch reportedly will remain aboard to work on special projects.
B&T's parent, The Carlyle Group, itself a global private equity operation,
acquired Baker & Taylor Books, Baker & Taylor Video, and Soft Kat
businesses from W.R. Grace & Co. in March 1992. During Carlyle's ownership,
Baker & Taylor reportedly has grown revenues by approximately 50 percent and
operating cash flows by approximately 300 percent and generates an estimated
$1.2 billion in revenues. Willis Stein describes itself as 'specializing in
investments in profitable, well-managed, and growing businesses targeting the
consumer products and services, media, telecommunications, business services,
manufacturing, and health care industries.' The principals of Willis Stein have
made investments in more than 40 companies and currently manage approximately $3
billion of equity capital.
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