Is Your Local Public Library Run by Wall Street?

by Donald Cohen

What do 82 public libraries, a Texas beef processing company, and a string of Pizza Huts across Tennessee and Florida have in common?

They’re all managed by the same private equity firm.

Fifteen of those libraries are in Jackson County, Oregon, where public officials are starting to raise concerns over the firm’s ownership of the private contractor that manages them. Facing budget issues in 2007, the county contracted with Library Systems and Services (LS&S), the country’s largest library outsourcing company, to try to save money—but LS&S is owned by Argosy Private Equity, whose mission is to “generate outstanding returns” and “substantially grow revenues and profits” for the businesses it owns.