Follett Corp. acquired by private investor group

WESTCHESTER - Follett Corp. announced the sale of its corporate entity - as well as Follett Higher Education, the company's collegiate retail and online Follett ACCESS business - to a group of private investors led by Jefferson River Capital LLC.

Follett Higher Education, based in Westchester, is a longtime collegiate retail partner to colleges and universities across North America providing students, faculty, parents, fans and staff the course materials, learning tools and retail services needed to successfully support the academic, athletic and collegiate journey.

Financial terms of the acquisition were not disclosed.

"On behalf of the Follett family and shareholders, I would like to thank all our employees, publishing partners, general merchandise vendors, institution partners and campus communities for the distinct privilege of shaping generations of students and institutions over the years," said Todd Litzsinger, CEO and Follett Corp. chairman of the Board. "Our family-owned company has celebrated alongside our customers and is extremely proud of the successes we have achieved together."

Follett also announced the appointment of Emmanuel Kolady, a retail operating executive, as Follett's chief executive officer, and Ryan Petersen, formerly vice president of strategy and development at VitalSource Technologies, as the new president of Follett Higher Education.