School Specialty to be sold for $1.5b


1 June 2005 – Greenville (WI): School Specialty has agreed to be taken over by an affiliate of private investment firm Bain Capital Partners for about $1.5 billion including debt.

The deal includes a $49 per share cash offer for 22.9 million existing shares. Bain will also acquire non-convertible debt of about $101 million.

David Vander Zanden will continue as president/CEO after the completion of the deal, which is expected in School Specialty’s fiscal Q2 ending 29 October, the company announced.