Company, Nebraska Book Company, in Minority Sale to Weston Presidio Capital
MINNEAPOLIS, Aug. 7 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray,
a leading mergers and acquisitions (M&A) advisor, served as exclusive
financial advisor to NBC Acquisition Corp., parent company of Nebraska Book
Company, in a sale of a minority interest in the company by Haas Wheat &
Partners and other shareholders to Weston Presidio Capital. The transaction
closed on August 2, 2002.
Founded in 1915, Nebraska Book is one of the largest companies in the
college bookstore industry. Its wholesale operation sells more than
7.5 million textbooks annually to nearly 3,000 college bookstores. The
company owns or manages 108 bookstores serving college campuses, selling new
and used textbooks and a variety of general merchandise. The company's
e-commerce offering is provided by its affiliate, TheCampusHub.com, which has
nearly 450 campuses deploying its state-of-the-art Internet solution. The
company also provides additional services that complement its other offerings,
including centralized buying services to member bookstores; distributing
materials to courses involved in distance education and selling proprietary
Nebraska Book was clearly one of the more exciting investment
opportunities to be brought to the middle market in the past several years,
said Michael Dillahunt, vice president in U.S. Bancorp Piper Jaffray's Middle
Market M&A Group.
The company has an extremely stable and predictable
business model. As a result of its leadership position in its market and the
strong inherent growth characteristics of the college demographic that it
serves, Nebraska Book has been able to achieve a consistent long-term pattern
of exceptionally strong growth in revenue and EBITDA.
For Weston Presidio, it was an opportunity to invest in a clear market
leader with a first class management team, said John Hogan, principal at U.S.
Bancorp Piper Jaffray, focused on private equity relationships.
Wheat and other shareholders, it was an opportunity to gain some measure of
liquidity, while at the same time, team-up with a partner who shares their
vision as to the growth opportunities still in front of the company. This was
an exceptional outcome for all parties involved.
About Haas Wheat & Partners:
Haas Wheat & Partners, a Dallas-based private investment firm, is engaged
in leveraged buyouts primarily in the consumer products and healthcare
industries. Haas Wheat and its predecessors and affiliates have completed
more than $7 billion of transactions over the past 20 years.
About Weston Presidio Capital:
Weston Presidio is an investment partnership that invests equity capital
into privately held growth companies. Weston Presidio was founded in 1991 and
manages over $2.2 billion of capital. With offices in San Francisco, Boston
and Menlo Park, Calif., Weston Presidio has worked side by side with the
entrepreneurs behind over 200 companies. Weston Presidio has an investment
team of 20 people with a proven track record and is committed to helping
portfolio companies become industry leaders. The funds participating in the
above referenced transaction are Weston Presidio Capital III and IV and the
related WPC Entrepreneur Funds.
About U.S. Bancorp Piper Jaffray:
U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based
U.S. Bancorp (NYSE: USB), provides a full range of investment products and
services to businesses, institutions and individuals. The company's
investment banking business has grown significantly in the last several years
by focusing on the needs of growth companies in the health care, technology,
financial institutions, consumer and manufacturing and services sectors. U.S.
Bancorp Piper Jaffray has a national reputation for its expertise in
fundamental research, equity and debt financing and mergers and acquisitions
advisory. U.S. Bancorp offers a comprehensive range of financial solutions
through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and
U.S. Bancorp Piper Jaffray.
Nondeposit investment products are not insured by the FDIC, are not
deposits or other obligations of or guaranteed by U.S. Bank National
Association or its affiliates, and involve investment risks, including
possible loss of the principal amount invested. Securities products and
services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and
NYSE, Inc., a subsidiary of U.S. Bancorp. (5/99-0679)
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SOURCE U.S. Bancorp Piper Jaffray
/CONTACT: Erin Freeman, Director of Public Relations, +1-415-277-1595, or
Dana Wade, Public Relations, +1-415-277-1556, both of U.S. Bancorp Piper
/Web site: http://www.piperjaffray.com /
CO: U.S. Bancorp Piper Jaffray; NBC Acquisition Corp.; Nebraska Book Company;
Haas Wheat & Partners; Weston Presidio Capital
ST: Minnesota, Texas, California, Massachusetts
IN: FIN MFD PUB BKS ENT EDU ECM CPR
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4216 08/07/2002 10:58 EDT http://www.prnewswire.com