Education technology and content provider Follett Corp has bought Baker & Taylor, a US-based company that provides print and digital books to libraries. The deal was announced yesterday (18th April) by Baker & Taylor’s private equity owner Castle Harlan.
The value of the transaction was not disclosed but Follett’s annual sales, once Baker & Taylor’s are taken into account, will reach $3.6bn (£2.5bn), according to Castle Harlan.
Eric Schwartz, m.d. of the private equity firm, said the sale was “the right strategic next step for the business, as the two companies complement each other well”.
He added: “We have had a rewarding partnership with the Baker & Taylor management team, which has done an exceptional job developing industry-leading technologies and services that allow us to serve our customers better.”
Follett said it expects Baker & Taylor to continue operating as before, serving customers through its existing management team and business operations.
Sagent Advisors acted as exclusive financial advisor to Baker & Taylor in the sale to Follett, and Schulte Roth & Zabel acted as legal counsel.
The latest deal follows two recent divestitures of Baker & Taylor businesses; last year it sold YBP Library Services to EBSCO Information Services, and Baker & Taylor Publishing Group and Baker & Taylor Marketing Services US to ReaderLink.