Scott Ketelsen, Office of University Relations, 319-273-2761, email@example.com
CEDAR FALLS, Iowa—The University of Northern Iowa (UNI) and University Book & Supply, Inc. (UBS) have signed a letter of intent for the university to purchase the bookstore. Kathleen Hesse, UBS president, said “UBS has had a great relationship with UNI for 80 years. When it came time to sell the business, all the stockholders agreed that the university would be the best buyer to continue serving the students, faculty and community.”
Michael Hager, senior vice president for finance and operations at UNI shared two primary reasons the acquisition is a fit for UNI. “First and foremost, students will continue to have convenient access to the textbooks and course materials necessary for their educational experience. With UNI owning the bookstore it will operate as a not-for-profit entity, which will offer UNI students the lowest possible pricing every year. Taking advantage of this opportunity is another element of the ongoing UNI initiative of providing a high-quality education at a reasonable cost.”
“In addition, the acquisition will keep ownership and control of this business in the Cedar Valley, which we feel is very important," according to Hager.
The Iowa Board of Regents will consider the request at its December 6, 2017 meeting. The bookstore is being sold for $2.4 million, plus inventory costs at the time of closing. The university will not utilize any general education funds towards the purchase. The university expects the transaction to be complete by March 1, 2018.