The Carlyle Group, which acquired Baker & Taylor in 1992 from W.R. Grace, has sold the distribution company to the private investment group Willis Stein & Partners for $255 million. After completion of the deal, which is expected by the end of the month, Richard Willis will become CEO of B&T, succeeding Gary Rautenstrauch, who will remain with the company through the transition.
B&T is estimated to have revenue of about $1.2 billion and has been profitable for several years. In 1999, Carlyle had sought to take B&T public, but withdrew the public offering when the IPO market weakened after the collapse of the Internet bubble. Richard Willis told PW his firm was attracted to B&T because it is a business that can grow "if you take care of your customers." Willis said he was also impressed by B&T's ability to adapt its operations to the changes that have taken place in the book market. The incoming CEO said his group is prepared to invest fresh funds to help B&T grow organically and through acquisitions. "I think we can gain more market share," Willis said. And after the owners get to know the business better, Willis said, they will look for acquisitions in the company's core areas, and he pointed to B&T's purchase of Yankee Book Peddler as the type of business he would like to pursue.
Willis Stein previously owned Troll Communications, which it sold in 2000.
