For Immediate Release
Oak Hill Capital Partners Acquires Alibris
Menlo Park, CA. May 8, 2006 - Oak Hill Capital Partners announced today that it has acquired Alibris, a leading online exchange for used, hard-to-find and specialty books, music and videos. Terms were not disclosed.
According to Bill Pade, a Partner with Oak Hill Capital Partners, "we have conducted extensive research on the used/hard to find/rare book market and related 'long tail' businesses. We are impressed with the position that Alibris has built in this market and with the quality of its management, technology, and business partnerships. We are excited about helping this company grow and prosper."
"Oak Hill Capital has built an unusually deep knowledge of secondary book markets, e-commerce, and the challenges of global distribution," said Alibris' CEO Martin Manley. "They know this market and are committed to helping us grow internationally, strengthen our movie and music business, and increase consumer awareness of our website.
Mr. Manley will serve as Chairman and Chief Executive Officer, and Brian Elliott will serve as President and Chief Operating Officer. The closing of the transaction is expected to occur within several weeks.
Jefferies Broadview, a division of Jefferies & Company, Inc., acted as Alibris' financial advisor, and Cooley Godward LLP served as legal counsel. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Wilson Sonsini Goodrich & Rosati served as legal counsel to Oak Hill Capital Partners.