Book manufacturer Lakeside Book Company raises capital in sale leaseback transaction

Lakeside Book Company's Willard manufacturing facility was included in a sale-leaseback financing transaction that raised capital for Lakeside Book Company. As a part of the transaction, the book-printing facility was sold for $38 million and then leased back in a long-term lease. The company is staying put in Willard, according to Rajeev Balakrishna, General Counsel and Chief Compliance Officer of Lakeside Book Company. "You can raise money by taking a loan out," Balakrishna said. "Another way to raise money is through a sale-leaseback, which is a cost-effective way of financing in today's interest rate environment." The sale-leaseback financing transaction allowed Lakeside Book Company to raise cash without impacting operations, Balakrishna said Tuesday morning. "We've been in Willard for over 60 years and we will continue to be in Willard for decades to come," Balakrishna said. Technically, the sale was reported as 1145 Conwell Ave., LSC Communications Books LLC d/b/a Lakeside Book Company to Stat JV I LLC, $38,682,108. But nothing about the operations of the Willard plant will change as a result of the sale-leaseback transaction. Lakeside Book Company will continue to operate the plant in the same way it has always operated that facility. "We remain very committed to the Willard community," Balakrishna said. Lakeside Book Company was once the book manufacturing division of R.R. Donnelley & Sons, but was spun out of RR Donnelley in 2016, he said. "Since 1864, we have been innovating the printing industry," according to Lakeside Book Company's website. "Today we continue to push the art of bookmaking to new frontiers, offering the highest quality books and services for publishers of all sizes." Willard Mayor Joseph Daniel did not return two calls placed to him.