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Friday, January 3, 2003 Media Cynic | Forum | Advertising | Classifieds | Jobs Vivendi Universal Completes Houghton Mifflin Sale Vivendi Universal has sold the Houghton Mifflin Company to a consortium of private investment firms comprised of Thomas H. Lee Partners, Bain Capital and funds managed by The Blackstone Group. The Boston-based publisher, with over $1 billion in sales, was acquired from Vivendi Universal for $1.66 billion. As part of the agreement Thomas H. Lee Partners and Bain Capital also assumed $380 million of Vivendi's debt. "We are fortunate to be associated with this impressive group of experienced private equity firms," said Hans Gieskes, President and CEO of Houghton Mifflin. "During the past few months, we have been working closely with the group, and have had fruitful discussions about the great opportunities for our business. We hold similar views on how to grow the Company, both organically and, possibly, through strategic acquisitions." "Houghton Mifflin is an outstanding company in an industry that has very strong growth characteristics," said Scott Sperling, Managing Director of Thomas H. Lee Partners. "We intend to keep it in Boston, and grow it." Boston-based Houghton Mifflin Company is one of the leading educational publishers in the United States, with over $1 billion in sales. Houghton Mifflin publishes textbooks, instructional technology, assessments and other educational materials for elementary and secondary schools and colleges. The Company also publishes an extensive line of reference works and fiction and nonfiction for adults and young readers. Houghton Mifflin also offers computer-administered testing programs and services for the professional and certification markets.
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