Company Description

Sagebrush Corporation is a fast growing leader in the education industry serving K-12 schools in efforts to improve performance by providing students access to information, stimulate interest in reading, and managing information across the education process. For over 20 years, schools and districts of all sizes have relied on Sagebrush Education Technologies for industry-leading products and services to help students find and use the best resources for learning. The Company's complete line of award-winning library automation systems, such as Athena, Spectrum and Accent, and revolutionary new programs like Pinpoint and Viewpoint Analytics make it easier for students to access information. Headquartered in Minneapolis, Sagebrush provides top-rated customer support and features complete data enhancement services.

Objectives

Sagebrush started its business as a supplier of pre-bound books to K-12 libraries. In 1997 TripleTree was engaged by Sagebrush to provide financial and strategic advisory services aimed at expanding and enhancing the value of the business. Library automation software was identified as an area that was complementary to the existing library book business. In 1998 TripleTree assisted Sagebrush in acquiring Nicholas Software and then Winnebago Software Company in 2000. Neither of these companies was for sale at the time and TripleTree assisted in negotiating very favorable terms and financing for the purchase of both. These acquisitions allowed Sagebrush to develop a leadership position in library automation software and to create a reputation of excellence for products and services. In 2006, Sagebrush called upon TripleTree once again to help them identify a strategy that could further leverage their strong market position and enhance share holder value.

Results

TripleTree completed a thorough investigation and analysis of the education industry and the markets which Sagebrush serves, the Company's past performance, projected growth and earnings capacity, and management structure. Following the conclusion of this strategic assessment, TripleTree identified the fact that Sagebrush's technology business had increased significantly in value and that the two businesses – library automation and textbook distribution – could be run independently. A decision was made to explore the sale of the library automation business.

Under the terms negotiated by TripleTree, Follett Software acquired the Library Automation Business of Sagebrush at a significant premium to the original purchase price of Nicholas and Winnebago. The textbook distribution division was spun-out into a new company, Savia LLC.

Follett Software Company is a $2 billion privately-held education company based in Chicago that operates more than 700 campus bookstores throughout the U.S. and Canada. The Company's business groups, which reach about 60 countries, also provide books and audiovisual materials to grade school and public libraries, library automation and management software, and textbook reconditioning, among other