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The Kelsey Report® Advisory

Yellow Book USA Acquires Prime Independent Asset in Feist
Charles Laughlin , 3/29/2004

P>SUMMARY: Yell Group, parent company of Yellow Book USA, has acquired one of the crown jewels of the U.S. independent directory market. The acquisition of Wichita, Kansas-based Feist Publications gives Yellow Book USA access to a number of central and southwestern U.S. markets, and to the well-developed operation that family-owned Feist has built up since its founding by Tom and Roberta Feist more than 25 years ago in Spearville, Kansas.

Feist publishes 20 directories in Kansas, Oklahoma, Missouri and Texas, with distribution of four million. The publisher has 272 employees and generated 2003 revenues of US$63 million. Yellow Book has made a commitment to retain all of Feist's current staff. With the acquisition of Feist, The Kelsey Group estimates Yellow Book's revenues at roughly US$800 million. Terms of the acquisition were not disclosed. TKG estimates that Yell Group paid in the range of US$150 million for the independent directory publisher. Yell expects to close the acquisition within a week.

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