Willis Stein & Partners to Acquire Baker & Taylor

Posted on July 11, 2003

Willis Stein & Partners, a Chicago-based private equity firm, announced that it has signed a definitive agreement to acquire Charlotte, North Carolina-based Baker & Taylor, Inc. from The Carlyle Group for $255 million. The transaction is expected to close by mid-July. The Carlyle Group, a private equity firm, had purchased Baker & Taylor from W.R. Grace in 1992.

Willis Stein will name Richard Willis as CEO of Baker & Taylor once the acquisition is completed. Willis will replace Gary Rautenstrauch, Baker & Taylor�s current CEO. Richar Willis brings over 20 years of experience in media and manufacturing industries to Baker & Taylor. He has held a variety of operating and financial positions in media companies, producing results through organic growth, cost improvements and acquisitions.

Founded in 1828, Baker & Taylor is a $1.2 billion revenue company and one of the country's leading book, music and video suppliers to traditional and internet retailers, libraries and educational institutions. The Company's institutional unit distributes a wide range of books, data, music, and DVDs to public libraries and school and college libraries in the U.S. and internationally. Its retail unit supplies national and independent bookstores and Internet retailers with nearly four million book titles and more than 135,000 video, DVD, and CD titles. Its Informata unit delivers electronic content, licenses database services and develops information products.

Daniel Blumenthal, Managing Director of Willis Stein & Partners said, "With their rich history as a market leader and diversified customer base, Baker & Taylor is an exciting addition to Willis Stein & Partners' portfolio. We are thrilled to be working with Richard Willis again, building upon the success we achieved together at Petersen Publishing. We look forward to working with the talented Baker & Taylor management team and exploring ways to grow and improve the business. In particular, we appreciate the leadership Gary Rautenstrauch has provided and look forward to his continued involvement with the company."

Willis Stein & Partners is a private equity investment firm specializing in investments targeting the consumer products and services, media, telecommunications, business services, manufacturing, and health care industries. The principals of Willis Stein have made investments more than 40 companies and currently manage approximately $3.0 billion of equity capital.