B&T Bought by Castle Harlan

-- Library Journal, 05/12/2006

Private equity investment firm Castle Harlan yesterday announced an agreement to acquire Baker & Taylor (B&T) for an announced price of $455 million—seemingly a good return for its current owners. The Goliath book jobber has changed hands several times in the last decade—it previously had been purchased by current owners, Willis Stein & Partners, a Chicago private equity firm, in 2003 for $255 million. B&T had been sold by The Carlyle Group, itself a global private equity operation, which acquired Baker & Taylor Books, Baker & Taylor Video, and Soft Kat businesses from W.R. Grace & Co. in March 1992. Gary Appel, Castle Harlan vice chairman, said, “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.”