Carlyle Sells National Book Distributor, Baker & Taylor, for $255 Million.Business Editors WASHINGTON--(BUSINESS WIRE)--July 3, 2003 Global private equity firm The Carlyle Group  The of this article or section may be compromised by "weasel words".You can help Wikipedia by removing weasel words. The Carlyle Group is a Washington, D.C. , today announced the sale of Baker & Taylor Corporation, an international media wholesaler, to entities affiliated with Willis Stein Stein , William Howard 1911-1980. American biochemist. He shared a 1972 Nobel Prize for pioneering studies of ribonuclease. & Partners, L.P. for $255 million. The Carlyle Group acquired Baker & Taylor Books, Baker & Taylor Video and Soft Kat businesses from W.R. Grace & Co. in March 1992. During Carlyle's ownership, Baker & Taylor has grown revenues by approximately 50% and operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. by approximately 300% through a combination of intrinsic intrinsic /in·trin·sic/ (in-trin´sik) situated entirely within or pertaining exclusively to a part. in·trin·sic adj. 1. Of or relating to the essential nature of a thing. 2. growth, acquisitions and superior execution. Carlyle Managing Director, Philip Dolan said, "The management team at Baker & Taylor, led by Gary Rautenstrauch, its C.E.O., has done an outstanding job in recognizing the changing dynamics within the media wholesaling industry and identifying the opportunities for the Company to excel and thrive in a period of significant change. Carlyle greatly appreciates our strong collaborative relationship with the Company's management and wishes them continued success in coming years." Baker & Taylor CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Gary Rautenstrauch said, "Carlyle has been a great partner of Baker and Taylor over these past years, helping to position the Company strategically within its markets and achieve its growth and profitability objectives." Baker & Taylor is a leading full-line distributor of books, videos and music products to libraries and both traditional and Internet retailers. They maintain one of the largest combined in-stock book, video and music inventories in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with approximately 600,000 titles in inventory and over 1.5 million available for order. About The Carlyle Group The Carlyle Group is a global private equity firm with more than $16 billion under management. Carlyle generates extraordinary returns for its investors by employing a conservative, proven, and disciplined approach. Carlyle invests in buyouts, venture, real estate, high yield, and turnarounds in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, and Asia, focusing on aerospace & defense, automotive, consumer & industrial, energy & power, healthcare, technology & business services, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. & media, and transportation. Since 1987, the firm has invested $8.6 billion of equity in 286 transactions. The Carlyle Group employs more than 500 people in 12 countries. Visit www.carlyle.com for additional information. |
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