Scholastic Buys Teacher's Friend Publications
Scholastic Inc., New York, has acquired Teacher's Friend Publications Inc., a producer and marketer of teacher classroom decoratives and resource books, for about $6 million.Teacher's Friend Publications, Riverside, CA, is owned and run by Karen and Richard Sevaly, who began the business in 1986 and had revenue of more than $4 million in 2001. The company designs, manufactures and distributes more than 700 items for teachers to decorate their classrooms, including bulletin boards, banners, borders, name plates, charts, maps, stickers, posters and stationery. Teacher's Friend also produces award-winning teacher resource books. The company sells its products through local dealers as well as a mail-order catalog and Web site.
Dick Robinson, Scholastic's chairman, CEO and president, said the acquisition offers Scholastic a chance to increase its participation in the teacher classroom decoratives market.
Richard and Karen Sevaly will continue to run Teacher's Friend from its headquarters. The company will join Scholastic's Teaching Resources division.
