From this morning’s LBO Wire:
Castle Harlan Inc. is checking out of its investment in library book distributor Baker & Taylor Inc. by selling the company to college bookstore operator Follett Corp., Amy Or reports for this morning’s LBO Wire.
The deal comes amid ongoing consolidation within the publishing industry, in which, as Follett President and Chief Executive Ray Griffith said, “You are either a consolidator or you get consolidated.”
Castle Harlan, which said it has ceased fundraising efforts for the time being to focus on managing existing portfolio companies, originally acquired Baker & Taylor back in 2006 out of its fourth fund, a $1.2 billion vehicle raised in 2003.
More stories available to LBO Wire subscribers: Sterling Partners has merged portfolio companies Innotrac Corp. and EBay Enterprise to form omnichannel commerce operator Radial…Stonepeak Infrastructure Partners has committed $500 million of equity to Sage Midstream Ventures LLC…and Ardian has rounded up a total of $14 billion across secondary vehicles and funds of funds.
(LBO Wire is a daily newsletter with comprehensive analysis of all the investments, deals, fundraisings and personnel moves involving private equity firms. For a two-week trial, visit http://on.wsj.com/DJPEVCNews, scroll to the bottom and click “try for free.”)
Elsewhere on the Web:
Chinese authorities have quietly informed local regulators to halt the formation of new investment businesses, including ones backed by large foreign firms, Mia Lamar reports for The Wall Street Journal’s WSJ Pro Financial Regulation newsletter.
China’s Dalian Wanda Group Co. is predicting lofty returns for private investors joining its $4 billion property arm buyout deal, Wei Gu reports for the Journal.
In Europe, U.K.-based buyout shop Cinven Ltd. is in the process of wrapping up its sixth buyout with €7 billion, Yolanda Bobeldijk reports for sister publication Private Equity News (subscription required).
Also in Private Equity News, Ms. Bobeldijk writes that global buyout shop Apax Partners aims to hold a closing on more than $6 billion for its ninth fund, which has a $7.5 billion target.
Dubai International Capital LLC, a private equity firm founded by the prime minister of the United Arab Emirates, is winding down operations, Bloomberg News reports.
Write to Laura Kreutzer at firstname.lastname@example.org