Follett to Divest Baker & Taylor

Private Investor Group, Led by President and CEO, to Acquire Business

WESTBROOK, Ill.--(BUSINESS WIRE)--Follett Corporation announced a change in ownership today of its Baker & Taylor division. Baker & Taylor, the world’s premier distributor of physical and digital books and services to public and academic libraries will now operate as an independent, privately-owned entity after a divestiture to a private investment group led by President and CEO Aman Kochar.

CEO and Follett Chairman Todd Litzsinger says, “The Follett Board of Directors, the Follett Family and I are excited for Aman and the Baker & Taylor team and cannot wait to see where they take the business. The passion and expertise the Baker & Taylor team possess will certainly translate into continued success for library customers. On behalf of the Follett family and shareholders, I would like to thank the B&T employees, publishing partners, librarians and library partners for the long and rich partnership we have enjoyed.”

Kochar says, “This is a pivotal and exciting time for Baker & Taylor. As an independent entity, we look forward to leading with our expertise and legacy and advancing our technology-based services and products.”

“Working together on a thoughtful transition, both Baker & Taylor and Follett Corporation are committed to ensuring this change is seamless for our customers, partners and team members. I want to express my sincere gratitude to the Follett Chairman Todd Litzsinger, the Follett Board of Directors and Follett shareholders for their partnership over the last five and half years,” Kochar added.

Baker & Taylor’s related businesses are moving with the sale and general operations and leadership remain unchanged. Businesses transitioning with the sale include Baker & Taylor Publisher Services, collectionHQ, Baker & Taylor UK and James Bennett.

About Baker & Taylor
Baker & Taylor has been in business for over 190 years, offering an extensive selection of products and services for academic and public libraries. It is the only partner that can truly offer a one-stop shopping experience for all formats, including print, movies and music, and digital downloadable ebooks and audio content. Visit Baker & Taylor's online selection and acquisitions website, Title Source 360.

About Follett Corporation
Follett Corporation is one of the world's largest sources of both physical and digital academic content and general merchandise for post-secondary institutions. Headquartered in Westchester, Illinois, Follett provides education technology, services and physical and digital content from more than 6,000 publishers to millions of students on college and university campuses with more than 2,850 physical and eCommerce collegiate retail stores in North America. Known for its inclusive access program, Follett ACCESS, Follett is changing equitable access to course materials on more than 300 campuses and growing every day.