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Baker and Taylor Purchased by Chicago FirmA Chicago-based investment firm announced July 3 that it intends to purchase book-and-video distributor Baker and Taylor for $255 million. Willis Stein and Partners will buy the North Carolina company from the Carlyle Group, another private-equity firm located in Washington, D.C., that has owned it since 1992, the Charlotte (N.C.) Business Journal reported July 3. The deal is expected to close in late July.Daniel Blumenthal, managing director at Willis Stein, said B&T’s 3,000 employees will remain, although Richard Willis will replace current chief executive Gary Rautenstrauch, who will stay to work on special projects. Willis was formerly CEO of children’s publisher Troll Communications, which Willis Stein sold in 2002. Baker & Taylor’s revenue for 2002 totaled $1.2 billion from a clientele that includes libraries, bookstores, and educational institutions. Posted July 14, 2003. |
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