Transaction Data from Berkery Noyes MandAsoft Research - Last 6 months

Education

The education group represents some of the most well respected and established businesses in the field, working for companies that deliver information and services to public, private, and for-profit schools. This includes e-learning, testing and assessment, and others throughout the K-12, higher-ed, and corporate and professional training markets.

Berkery Noyes Advises Barron’s Educational Series in the Sale of its Test Prep, Study Aids, and Foreign Language Assets to Kaplan

September 18, 2018
Synopsis:
Kaplan Test Prep, a premier provider of educational and career services, announced it has acquired the test prep, study aid and foreign language assets of Barron’s Educational Series, a leading book publisher. As part of the transaction, Kaplan will also acquire the Barron’s brand name.
Founded in 1941, Barron's Educational Series soon became known as America's Leader in Test Preparation, and is renowned for its SAT, ACT, and AP test prep books, its Regents manuals, and its Profiles of American Colleges.
Kaplan Test Prep is a premier provider of educational and career services for individuals, schools and businesses. Established in 1938, Kaplan is the world leader in the test prep industry.

Berkery Noyes Advises Aries Systems in its Acquisition by Elsevier

September 10, 2018
Synopsis:
Elsevier, the global information analytics business specializing in science and health, announced it has acquired Aries Systems, a leader in scientific publication workflow solutions headquartered outside Boston, MA. Aries' offerings are used for manuscript submission, peer review, production tracking and eCommerce.
Aries Systems transforms the way scholarly publishers bring high-value content to the world. The company’s innovative and forward-looking workflow solutions manage the complexities of modern print and electronic publishing.
Buyer Parent: RELX Group plc
Elsevier is a global information analytics business that helps institutions and professionals progress science, advance healthcare and improve performance for the benefit of humanity. Elsevier provides digital solutions in the areas of strategic research management, R&D performance, and more.

Berkery Noyes Advises CARD in its Sale to Blackstone

April 13, 2018
Synopsis:
Blackstone announced that private equity funds managed by Blackstone have agreed to acquire the Center for Autism and Related Disorders, LLC, a leading provider of autism behavioral health services for children and adults affected by autism spectrum disorder.
The Center for Autism and Related Disorders (CARD), Inc., is among the world's largest and most experienced organizations effectively treating individuals with autism spectrum disorder using the principles and procedures of applied behavior analysis.
Blackstone is one of the world's leading investment firms. Their asset management businesses, with over $430 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds.

Renovus Capital Partners Acquires Continuing Education Alliance and Practicing Clinicians Exchange

January 8, 2018
Synopsis:
Renovus Capital Partners, a private equity firm focused on the education, training and human capital sectors, has acquired a controlling interest in Continuing Education Alliance, LLC and Practicing Clinicians Exchange (PCE).  Based in Stamford, CT, PCE is the national leader in education for nurse practitioners and physician assistants.
Practicing Clinicians Exchange (PCE) is an innovative multichannel CME (Continuing Medical Education) company specifically focused on nurse practitioners and physician assistants. PCE provides live, home study, and online CME designed to meet the real-world clinical needs of NPs and PAs.
Founded in 2010, Renovus Capital Partners is an education, training and human capital focused private equity firm. Renovus is based outside of Philadelphia and manages $485 million in assets under management through two SBIC funds.

Berkery Noyes Advises Autism Learning Partners in its Acquisition by FFL Partners

December 21, 2017
Synopsis:
FFL Partners, a private equity firm focused on investing in quality middle-market companies in growing markets, has completed the acquisition of Autism Learning Partners (ALP), a provider of Applied Behaviour Analysis (ABA) therapy services for children and young adults with autism spectrum disorders and developmental disabilities.
Autism Learning Partners, of Glendale, Calif., provides Applied Behavior Analysis (ABA) therapy for children and young adults in seven states, serving nearly 3,000 clients annually. Services include cognitive, adaptive, social and emotional therapies as well as social-skills programs.
FFL is a venture capital and private equity firm that was formed in 1997 to invest in middle-market companies where the substantial strategic and operating expertise of FFL's principals can help management improve margins, make acquisitions and grow earnings.

IO Education Acquires eSchoolData, Expanding Northeast Presence

September 19, 2017
Synopsis:
IO Education, a market leader in helping educators use data to improve student outcomes, has acquired eSchoolData, a provider of student and data management solutions for K-12 school districts. eSchoolData's comprehensive, web-based solution features a teacher gradebook, a parent and student portal, data analytics capabilities, and more.
eSchoolData provides a web-based Student Management System that features a teacher gradebook, a parent and student portal, a transportation management module, data analytics capabilities, and more. eSchoolData gives schools the power to turn data into knowledge and knowledge into informed decisions.
Buyer Parent: LLR Partners
IO Education is on a mission to empower educators with data to improve educational outcomes. They focus on developing innovative solutions that break down data silos and improve outcomes for three areas of school districts: student achievement, educator effectiveness and operational efficiency.

Rubicon Announces Investment from Quad Partners

September 10, 2017
Synopsis:
Rubicon, the leading provider of curriculum design and instructional decision making solutions for the K-12 marketplace announced an investment by Quad Partners, a private investment firm focused exclusively on the education industry.
Rubicon partners with innovative education leaders to improve student performance and instructional practice with curriculum management and assessment data integration software alongside professional development services.
Quad Partners was founded in 2000 to make value-added private investments in the education industry. Today, Quad is one of the most active investors in privately-owned education companies in the United States.

Berkery Noyes Advises BE Press, a Leading Service Provider Used by Academic Institutions to Showcase Their Research, in its Acquisition by Elsevier

August 2, 2017
Synopsis:
Elsevier, the global information analytics business specializing in science and health, acquired Bepress, a Berkeley, California-based business that helps academic libraries showcase and share their institutions' research for maximum impact.
Seller: Bepress
Founded by professors in 1999, Bepress exists to serve academia. Bepress builds hosted solutions that let academic institutions showcase and share their works for maximum impact. The Bepress model is unlimited, cloud-based, and fully hosted, and includes dedicated consulting and support.
Buyer Parent: RELX Group plc
Elsevier is a global information analytics business that helps institutions and professionals progress science, advance healthcare and improve performance for the benefit of humanity. Elsevier provides digital solutions in the areas of strategic research management, R&D performance, and more.

Frontline Education Acquires Teachers-Teachers

April 18, 2017
Synopsis:
Frontline Education has acquired Teachers-Teachers, a national job search resource that connects more than 2,000 educational organizations nationwide with the best of more than one million candidates.
Seller Parent: FTL Capital, LLC.
Teachers-Teachers is a job search resource dedicated to elevating the quality of education worldwide by efficiently connecting outstanding educators with school systems. This service provides an effective way to find great education jobs nationwide.
Bringing together the best education software solutions into one unified platform, Frontline makes it possible to efficiently and effectively manage the needs of the education community including Recruiting & Hiring, Absence & Time, Professional Growth and Student Solutions.

Renovus Capital Partners Invests in Red Nucleus, the Premier Provider of Learning Solutions for the Life Sciences Industry

October 28, 2016
Synopsis:
Renovus Capital Partners announced an investment in Red Nucleus Solutions LLC. Red Nucleus is a life sciences learning solutions company headquartered in Yardley, PA. Red Nucleus designs and produces a suite of learning elements which include, e-learning modules, mobile applications, virtual preceptorships and more.
Red Nucleus is a leading full-service design and development provider of learning solutions for the life sciences industry. Red Nucleus designs and produces a suite of learning elements which include, e-learning modules, mobile applications, virtual preceptorships, print modules and job aids.
Renovus Capital Partners is a private equity firm focused on providing capital and strategic assistance to small and mid-sized education companies. Its team has a combined 41 years of experience investing in education and has helped more than 20 education companies grow and succeed.

Leeds Equity Partners Closes on Investment in Project Management Academy

January 7, 2016
Synopsis:
Leeds Equity Partners, LLC announced it made an equity investment in Educate 360 Holdings, LLC (“Project Management Academy”). Project Management Academy is the most trusted name in project management training, offering PMP®, PMI-ACP®, Lean Six Sigma, and continuing education training (PDUs).
Project Management Academy is the most trusted name in project management training. Their offerings include PMP Training, Agile Certification Training, Master's Certificate in Advanced Project Management, Lean Six Sigma Training, and PDU Training.
Leeds Equity Partners is the pioneer in private equity investing in the knowledge sector, which includes the education, training, business services, and information services and software industries. Leeds Equity has deployed over $2.6 billion of capital in investments across the knowledge sector.

PowerSchool Acquires Chalkable to Bring Positive Behavior Intervention and Classroom Culture into K-12’s Most Comprehensive Unified Classroom Solution

October 19, 2016
Synopsis:
PowerSchool, the leader for K-12 education technology solutions, announced the acquisition of Chalkable, a leading provider of a student achievement and regional education data management solution.The acquisition provides PowerSchool with additional capabilities to track student behavior, an area of increasing need for educators.
Seller Parent: SCP Partners
Seller: Chalkable
Chalkable is a leading provider of education data management, student achievement and professional learning solutions to the K-12 public and private school markets.
PowerSchool is the #1 leading education technology platform for K-12. They provide best-in-class, secure, and compliant online solutions, including student information systems, registration and school choice, assessment and analytics, and special education management.

Berkery Noyes Represents Holiday House in its Sale to Trustbridge Partners

August 15, 2016
Synopsis:
Trustbridge Partners has acquired Holiday House, an independent children’s publishing house. Founded in 1935, Holiday House was the first American company to produce only children’s books. It has published titles by noted creators like Russell Freedman, Tomie dePaola, Trina Schart Hyman, Ann M. Martin, Eric Kimmel, Leonard Everett Fisher, and more.
Founded in 1935 by Helen Gentry, Holiday House was the first American company to produce only children’s books. They specialize in quality hardcovers, paperbacks and e-books, from picture books to young adult, both fiction and nonfiction.
Trustbridge Partners is a leading growth equity investor with offices in Shanghai, Hong Kong and Boston, focusing on high-quality growth opportunities in China.

The Colibri Group Announces Investment in Securities Training Corporation

July 20, 2016
Synopsis:
The Colibri Group, a leading provider of learning solutions to licensed professionals within the real estate, healthcare and personal care markets, is pleased to announce it has closed on an investment in Securities Training Corporation (“STC”), the market leader in securities training.
Founded on Wall Street in 1969, Securities Training Corporation (STC) has successfully helped over 1,000,000 candidates pass FINRA regulatory exams and launch their careers. STC has grown to become the leading provider of financial examination training.
The Colibri Group provides learning solutions to licensed professionals who strive to be among the best in their fields. Through four leading brands - McKissock, Real Estate Express, The Institute for Luxury Home Marketing, and Elite Professional Education.

Berkery Noyes Advises Learn It Systems in its Acquisition by LLR Partners

May 13, 2016
Synopsis:
Learn It Systems, a portfolio company of Milestone Partners, has been acquired by LLR Partners, a leading middle market private equity firm headquartered in Philadelphia, PA. Learn It Systems, headquartered in Baltimore, MD, is a leading national behavioral health and related services company serving children with autism and other special needs.
Seller Parent: Milestone Partners
Learn It Systems is a leading national behavioral health and related services company serving children with autism and other special needs. Learn It's comprehensive behavioral health platform addresses large, high-growth markets being driven by insurance reform, an evolving reimbursement landscape.
LLR Partners is a lower middle market private equity firm providing capital and strategic guidance to growth companies. They invest in a broad range of industries, with an emphasis on software, tech-enabled services and healthcare.

LRP Conferences Acquires 1105 Media’s Education Technology Events

April 2, 2015
Synopsis:
LRP Conferences, LLC, an affiliate of LRP Publications, announced the acquisition of the Future of Education Technology Conference (FETC), FETC Virtual Conference, Campus Technology Conference and the Campus Technology Forum from 1105 Media, Inc., a California based multimedia B2B company.
1105 Media's portfolio of education technology tradeshows/conferences attract hundreds of exhibitors and thousands of attendees seeking to understand the future of education technology.
LRP Publications' LRP Conferences, LLC, produces nearly a dozen professional conferences and trade shows including: Ergonomics Conference & ErgoExpo, HR Technology® Conference, HR in Hospitality Conference, and National Workers’ Compensation and Disability Conference®.

Berkery Noyes Represents SmartPros, Ltd. in its Sale to Kaplan, Inc.

December 22, 2015
Synopsis:
Kaplan, Inc., the global education services company and largest subsidiary of Graham Holdings, has completed its acquisition of SmartPros, Ltd., a leading provider of accredited professional education and training, primarily in accountancy.
Founded in 1981, SmartPros Ltd. is an industry leader in the field of accredited professional education and corporate training. Its products and services are primarily focused in the accredited professional areas of corporate accounting, financial management, public accounting, and more.
Kaplan, Inc., is a leading international provider of educational and career services for individuals, schools and businesses. Kaplan serves students of all ages through a wide array of offerings including higher education, test preparation, professional training and programs for kids and schools.

HMP Communications Holdings, LLC Announces Susquehanna Growth Equity, LLC as Majority Equity Holder

December 16, 2015
Synopsis:
HMP Communications Holdings, LLC (HMP), has completed an agreement with Susquehanna Growth Equity, LLC (SGE), under which current investors, Alta Communications and Antares Capital, have sold their interests in HMP to SGE. With the sale, SGE becomes HMP’s majority equity holder. HMP is a leading provider of healthcare content and events.
HMP Communications Holdings is a multi-channel leader in healthcare content and education, with a mission to improve patent care. The company produces clinically relevant, evidence-based journals, events and accredited, continuing education for the healthcare community.
Susquehanna Growth Equity, LLC (SGE) invests in growth stage companies in the information services, internet and software sectors. The firm is backed by a unique and patient capital base that allows management teams the freedom and flexibility to maximize growth.

Pearson Sells Family Education Network to Sandbox Partners

May 21, 2015
Synopsis:
Sandbox & Co., an industry-focused investor committed to building businesses at the intersection of the digital, learning and media sectors, has acquired Family Education Network (FEN) from Pearson. FEN is an online consumer network of the world's best learning and information resources, personalized to help parents, teachers, and students.
Seller Parent: Pearson plc
Family Education Network is the best of the Internet's content, resources, and shopping for parents, teachers, and kids. The company's mission is to be an online consumer network of the world's best learning and information resources, personalized to help parents, teachers, and students.
Sandbox is an industry-focused investor committed to building and supporting businesses at the intersection of the digital, learning and media sectors. Founded in 2014, the partners of Sandbox have a long track-record of acquiring, transforming and scaling businesses and brands internationally.

Berkery Noyes Represents ILSC Education Group in its Recapitalization with Quad Partners

October 21, 2014
Synopsis:
ILSC Education Group has recapitalized with Quad Partners. ILSC is a leading provider of location-based English Language Training (ELT) for international students looking to learn English for use in professional and academic settings.
ILSC is a leading provider of location-based English Language Training (ELT) for international students looking to learn English for use in professional and academic settings. The Company’s schools are located in eight cities spread across four countries and three continents.
Quad Partners was founded in 2000 to make value-added private investments in the education industry. Quad is one of the most active investors in privately-owned education companies in the United States.

Ebix Enters the Health Continuing Education and Wellness Markets by Acquiring Birmingham-Based Oakstone Publishing, LLC

December 2, 2014
Synopsis:
Ebix, Inc., a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, announced that it has acquired Alabama-based Oakstone Publishing, LLC, a leading provider of continuing education, certification materials for physicians, dentists and allied healthcare professionals.
Oakstone Publishing, LLC, an innovative learning company, excels at providing nonbiased, multimedia continuing education and certification materials for physicians, dentists and allied healthcare professionals.
Ebix is a leading international supplier of On-Demand software and E-commerce services to the insurance industry. It provides solutions ranging from infrastructure exchanges and risk compliance solutions to custom software development for all entities involved in the insurance industry.

Berkery Noyes Represents M.E. Sharpe Inc. in its Sale to The Taylor & Francis Group

August 1, 2014
Synopsis:
M.E. Sharpes, a higher education academic books and journals company has been acquired by Taylor & Francis Group, a subsidiary of Informa plc. M.E. Sharpe publishes textbooks and general interest books for the higher education market, with particular strength in economics, marketing and politics and current affairs.
M.E. Sharpe publishes textbooks and general interest books for the higher education market, with particular strength in economics, marketing and politics and current affairs. M.E. Sharpe also publishes both original works and translations in Asian and East European studies.
Buyer Parent: Informa plc
Taylor & Francis is a leading international academic publisher. Operating from a network of 20 global offices, the Taylor & Francis Group publishes more than 1,500 journals and around 1,800 new books each year, with a books backlist in excess of 20,000 specialist titles.

Boathouse Capital Partners with Management and Employees of MIS Training Institute

April 2, 2014
Synopsis:
Boathouse Capital has partnered with the management team and employees of MIS Training Institute to acquire the US and UK operations from its former parent, Euromoney Institutional Investor. MIS Training Institute is a provider of professional education and training in the areas of internal audit, IT audit, and information security management.
Founded in 1978, MIS Training Institute is the international leader in audit and information security training, with offices in the USA, UK, and Asia. MIS’ expertise draws on experience gained in training more than 200,000 delegates across five continents.
Boathouse Capital is a $120 million private equity firm that invests mezzanine debt and equity into lower middle market businesses across the U.S. Based in Wayne, PA, Boathouse Capital invests $3 million to $15 million to support companies in a variety of industries.

Wasserstein & Co. Acquires Recorded Books LLC From Haights Cross Communications

February 3, 2014
Synopsis:
Wasserstein & Co., LP , on behalf of its private equity fund Wasserstein Partners III, has acquired all of the assets of Recorded Books LLC, one of the leading worldwide providers of unabridged audiobooks, digital content, and services to the library, school, and retail markets, from Haights Cross Communications, Inc.
Recorded Books is the largest independent publisher of unabridged audiobooks and provider of digital content to the library, school, and retail markets. The Company owns an exclusive catalog of over 13,500 audiobook titles narrated by professional, award-winning actors.
Wasserstein & Co. is an independent private equity and investment firm, with offices in New York and Los Angeles. The Wasserstein & Co. investment team has completed over 50 platform and add-on transactions, representing over $3 billion of enterprise value.

Berkery Noyes Represents The Mandell School in its Sale to Rocket Group

December 16, 2013
Synopsis:
Rocket Group, an educational organization with a diverse portfolio of companies, has acquired The Mandell School. The Mandell School provides an engaging and highly-preparatory integrated curriculum to toddlers through 8th grade students in four state-of-the-art learning facilities.
The Mandell School, founded by Max Mandell in 1939 in New York City, provides an engaging and highly-preparatory integrated curriculum to toddlers through 8th grade students in four state-of-the-art learning facilities.
Rocket Group is an educational organization with a diverse portfolio of companies – unified by a shared mission to transform students’ lives by harnessing the power of research, technology and innovation.

Berkery Noyes Represents AMSCO School Publications Inc. in the Sale of Certain Assets to Perfection Learning

May 29, 2013
Synopsis:
AMSCO School Publications has sold certain assets to Perfection Learning, a leading publisher of teacher and student curriculum materials. In its 78 year history, AMSCO has served major school districts with its quality supplemental instructional materials that not only provided customer value but also assisted students in passing their exams.
AMSCO provides high quality, inexpensive textbooks and support materials to the educational community. Their course texts, review, and test prep books reflect national and state standards for curriculum and assessment.
Perfection Learning is a leading publisher of teacher and student curriculum materials for grades K-12. Perfection Learning provides high-quality, innovative curriculum solutions to K-12 schools across the country and internationally.

Bridgepoint Education’s Ashford University and Forbes Media Form Alliance

November 14, 2013
Synopsis:
Bridgepoint Education, Inc. has announced an alliance between its Ashford University's School of Business and a subsidiary of the global media company, Forbes Media. Ashford's College of Business and Professional Studies will now be known as the Forbes School of Business.
Seller Parent: Warburg Pincus
Ashford University offers a traditional college campus as well as online degree programs. Students may earn an associates, bachelors, or master's degree online, while campus students in Clinton, Iowa may earn a bachelor's degree.
Forbes Media LLC, publisher of Forbes magazine and forbes.com, is an authoritative source of news and information on business, investing, technology, entrepreneurship, leadership and affluent lifestyles.

SirsiDynix Acquires EOS International Business

November 4, 2013
Synopsis:
SirsiDynix, a library management technology company, announced the acquisition of EOS International, a California-based technology company that develops award-winning solutions for legal, government, corporate, medical, and other special library customers.
For over 30 years, Electronic Online Systems (EOS) International has been developing, marketing and supporting award-winning library automation and knowledge management solutions for thousands of special libraries worldwide.
SirsiDynix connects people with knowledge at more than 23,000 libraries around the world. Through library management technology and search and discovery tools, libraries using SirsiDynix technology bring relevant resources and the power of knowledge to their users and communities.

Riverside Acquires BankersEdge as Add-On to OnCourse Learning Platform

September 5, 2013
Synopsis:
The Riverside Company has added Corporate Training Technologies, LLC (dba BankersEdge) to its OnCourse Learning (OnCourse) platform. Based in Norristown, Pennsylvania, BankersEdge provides regulatory, employment, and leadership training as well as compliance solutions for bank and credit union workers.
BankersEdge provides regulatory, employment, and leadership training as well as compliance solutions for bank and credit union workers. Its courses are used for comprehensive training and regulatory updates by bankers, mortgage professionals and other financial services employees.
OnCourse Learning is an education and compliance solutions provider for individuals, companies, educators, and government agencies seeking educational excellence, professional compliance, occupational tools, customized training solutions, and new careers.

LRP Publications Acquires Education Library from Thompson Media Group

June 4, 2013
Synopsis:
LRP Publications, educators’ most trusted source for practical and legal education guidance since 1985, announced that it has acquired the acclaimed Education Library from Thompson Media Group. The collection features dozens of titles offering expert guidance on various challenges administrators face in the education arena.
Titles within the Thompson Media Group Education Library include: Section 504 Compliance Handbook; The Administrator’s Guide to Federal Programs For English Learners; The Do's and Don'ts of Education Compliance: Audits, Monitoring and Enforcement; Title I Monitor; and more.
LRP Publications publishes two magazines, Human Resource Executive® and Risk & Insurance®, as well as hundreds of newsletters, books, videos, eCourses, and case reporters in the fields of workers’ compensation and disability, HR, education administration and law, and federal employment law.

Berkery Noyes Represents Cengage Learning In The Sale Of NetLearning To HealthcareSource

December 4, 2012
Synopsis:
HealthcareSource® announced that it has acquired NetLearning, a leading provider of learning management software and content for the healthcare industry. The combination of HealthcareSource and NetLearning results in the first company to provide a complete, end-to-end talent management solution designed specifically for healthcare.
Seller Parent: Apax Partners
NetLearning is an e-learning solutions provider developing products specifically for the healthcare industry since 1995. The NetLearning product suite allows for the deployment, management, and reporting of training-related activities.
HealthcareSource is the leading provider of talent management software for the healthcare industry. HealthcareSource helps healthcare organizations source, hire, assess, develop and retain the best workforce possible in order to reduce costs and to improve patient satisfaction and safety.

Berkery Noyes Represents JBHM Education Group LLC In Its Sale To Weld North

September 24, 2012
Synopsis:
Weld North Holdings LLC announced that it has acquired JBHM Education Group. JBHM is recognized as a leader in transformative education services. Located in Jackson, Mississippi, JBHM seeks to assist schools in developing their professional capacities and culture in order to sustain continuous improvement in student learning.
JBHM Education Group is recognized as a leader in transformative education services. Located in Jackson, Mississippi, JBHM seeks to assist schools in developing their professional capacities and culture in order to sustain continuous improvement in student learning.
Weld North is an investment company concentrating on education, health and wellness, consumer services and marketing businesses. In partnership with KKR, a leading global investment firm, it seeks to make control investments in businesses with high potential for long-term growth in cash flow.

US Psychiatric & Mental Health Congress Acquired by NACCME

April 3, 2012
Synopsis:
North American Center for Continuing Medical Education announced that it has acquired CME LLC, which operates the US Psychiatric & Mental Health Congress. More than 2,000 physicians, nurses, and others earn as many as 30 credits toward their CME requirements each year at the US Psychiatric & Mental Health Congress.
Seller: CME LLC
CME LLC provides innovative, evidence-based, clinically relevant accredited continuing medical education in a collaborative fashion for the health care community. It operates the U.S. Psychiatric & Mental Health Congress--one of the largest annual psychiatric CME meetings in the United States.
NACCME is a wholly owned subsidiary of HMP Communications Holdings, LLC and an industry leader in continuing medical education. It provides the highest quality CME/CE across medical disciplines and therapeutic areas.

Berkery Noyes Represents Class.com in its Sale to Cambium

September 23, 2011
Synopsis:
Cambium Learning Group, Inc., a leading educational company focused primarily on serving the needs of at-risk and special student populations, announced that the Company has purchased the assets of Class.com, an industry-leading provider of online learning solutions.
Class.com equips educators with the tools to help every student succeed by providing schools and organizations with high-quality, research-based, online learning solutions that cater to the needs of 21st-century learners.
Cambium Learning Group is the leading educational company focused primarily on serving the needs of at-risk and special student populations. The company operates three core divisions: Voyager, Sopris, and Cambium Learning Technologies.

National Geographic Society’s School Publishing Unit Sold to Cengage Learning

June 27, 2011
Synopsis:
Cengage Learning, a leading global provider of innovative teaching, learning and research solutions, has completed its acquisition of National Geographic Society's digital and print school publishing unit and unveiled the new brand, National Geographic Learning, for its English Language Learning business.
National Geographic School Publishing provides quality PreK-12 instructional materials, including resources for emergent and early literacy, Reading/Language Arts, ESL/ELD, and Content Literacy development.
Buyer Parent: Apax Partners
Cengage Learning is a provider of innovative teaching, learning and research solutions for the academic, professional and library markets worldwide. Its products and services are designed to foster academic excellence and professional development and increase student engagement.

The H.W. Wilson Company’s Merger with EBSCO Publishing

June 3, 2011
Synopsis:
EBSCO Publishing, the producer of EBSCOhost®, the world’s premier for-fee online research service, and The H.W. Wilson Company, the provider of the highest-quality references in the world, have merged in what is being viewed by the companies as an ideal match. H.W. Wilson offers more than 80 databases on the acclaimed WilsonWeb platform.
For more than a century, H.W. Wilson has provided libraries with the highest-quality references in the world. The Company offers more than 80 databases on the acclaimed WilsonWeb platform: full text databases; retrospective databases; biography databases; image databases, and more.
EBSCO Publishing is the producer of EBSCOhost®, the world’s premier for-fee online research service, including full-text databases, subject indexes, point-of-care medical reference, historical digital archives, and e-books.

Berkery Noyes Represents Bookette Software in its Sale to McGraw-Hill Education

March 3, 2011
Synopsis:
McGraw-Hill Education has acquired Bookette, a privately held software company, adding key capabilities in online performance measurement. Bookette's smart-scoring engine evaluates high volumes of student writing responses, enabling assessments to incorporate writing while easing the burden of scoring.
Bookette Software, located in Monterey, Calif., specializes in creating software for the development, administration, scoring and reporting of computer-based curriculum assessment. It was founded in 1990 by Dr. Ronald Loiacono.
One of the first American publishers to introduce objective, standardized achievement tests to schools, CTB/McGraw-Hill is a leader in testing with recognized products for online formative, adult, and language proficiency assessment.

Berkery Noyes Represents Second Language Testing Inc. In Its Sale To Berlitz

March 3, 2011
Synopsis:
Berlitz International, Inc.,the world's premier language services firm, providing quality language instruction, translation, and publishing services throughout the world, has purchased Second Language Testing Inc., a premier company solely focused on language test development and test translation.
Second Language Testing Inc. ("SLTI") has filled a void in language test development for the federal government and state government agencies, for use in security, intelligence and defense work, and in the educational sector. SLTI develops language tests and language proficiency assessments.
Buyer Parent: Benesse Corporation
Berlitz International, Inc. is the world's premier language services firm, providing quality language instruction, translation, and publishing services throughout the world. Berlitz has been providing language services for more than 120 years, with millions of alumni .

Compass Knowledge Holdings, Inc Merger With Embanet Corporation

October 26, 2010
Synopsis:
Embanet and Compass Knowledge Group announced that they have merged, creating a combined company that is positioned to provide an industry-leading comprehensive suite of online learning services to universities and colleges.
Compass Knowledge has been the pioneer and premier provider of distance learning services to prominent non-profit higher education institutions, helping them plan, implement, and operate successful online undergraduate and graduate degree programs.
Embanet is the world leader in providing a full range of online learning services to postsecondary educational institutions. Embanet provides capital and expertise in program development, marketing and enrollment, student services and technology support.

Berkery Noyes Represents Rockbridge Growth Equity In Its Acquisition Of Northcentral University

January 6, 2009
Synopsis:
Northcentral University an accredited online university and innovator in 100 percent online higher education, announced that it has been acquired by Rockbridge Growth Equity, LLC.
Northcentral University is a private, for-profit accredited online university serving adult learners worldwide. Learners seeking higher education from a premier university experience the convenience of 100% online distance learning.
RockBridge is based at the Rock Financial/Quicken Loans headquarters in Livonia. Though housed in the Rock headquarters, RockBridge is an independent entity. RockBridge will target companies in North America, one mission will be to find Michigan companies and help them grow.

Berkery Noyes Represents Leeds Equity In Its Purchase Of Ex Libris Group, A Leading Library Solutions Provider

August 7, 2008
Synopsis:
Leeds Equity Partners, LLC, the largest private equity fund focused exclusively on investing in the Knowledge Industries, announced today it completed the acquisition of Ex Libris Group, a leading provider of automation solutions for academic, research and national libraries.
Seller Parent: Francisco Partners
The Ex Libris group is a worldwide supplier of software solutions and related services for libraries and information centers. The Company's flagship product, ALEPH 500, is a market leader in the field of library automation for higher education and large corporations.
Leeds Equity Partners, LLC, the New York-based private equity firm, manages the largest private equity fund in the United States focused on investments in the education, training and related business services and information industries ("Knowledge Industries").

Berkery Noyes Represents Excelsior Software In Its Sale To KUE Digital

February 5, 2008
Synopsis:
Berkery Noyes,the leading independent investment bank serving the education, information and technology markets, announced Excelsior Software, LLC, a leading provider of classroom assessment management software, has been acquired by KUE Digital Inc., a leading global education company.
Excelsior Software is a developer of leading classroom formative/summative collection and reporting management software. Excelsior offers the highest level of responsibility to understand its customers with a focus on innovation, quality, and product intelligence and improving communication.
Knowledge Universe Education (KUE) companies provide early childhood education programs, primary-through-secondary curricula, and supplemental educational services at thousands of physical locations, and through top-rated online schools and home schooling environments.

Berkery Noyes Represents Hayden-McNeil Publishing In Its Sale To Macmillan Publishers Ltd.

January 9, 2008
Synopsis:
Macmillan, a leading publisher of books, textbooks, magazines, and digital media, announced the acquisition of Hayden-McNeil Publishing, the leading publisher of custom textbooks and lab manuals for the higher education market based in Plymouth, Michigan.
Hayden-McNeil is a leading publisher of custom course materials for the Higher Education market. Founded by Patrick Olson, Hayden-McNeil partners with college educators to create, course-specific textbooks and other instructional materials based on professors’ own manuscripts and at their direction.
Macmillan is a global publisher of books, magazines, textbooks, scientific information, and digital content and services. Macmillan is one of the nation’s leading publishers of education content, tools, and services for the higher education market.

Berkery Noyes Represents Interwrite Learning In Its Sale To eInstruction

November 29, 2007
Synopsis:
Interwrite Learning, a leading developer of mobile teacher slates, interactive white boards and student response systems, has entered into a definitive agreement to sell the Company to eInstruction Corporation, a portfolio company of Leeds Equity Partners, LLC. The terms of the transaction were not disclosed.
Seller Parent: GTCO CalComp, Inc.
Interwrite Learning is a premier global provider of interactive learning solutions for primary, secondary and higher education markets. Interwrite Software is a robust software package that includes thousands of images and resources to create interactive learning environments.
eInstruction is the leading worldwide provider of interactive response systems to Kindergarten-12th grade, higher-education, corporate and military classrooms with an estimated 40% market share.

Berkery Noyes Advises Thayer | Hidden Creek On Sale Of Educational Resources

October 31, 2007
Synopsis:
Education Enrichment Resources, Inc., a provider of supplemental technology, teaching materials and supplies to education institutions, announced its acquisition of Educational Resources from Thayer¦Hidden Creek. Top reseller Educational Resources is headquartered in Elgin, IL.
Seller Parent: Thayer Hidden Creek
Educational Resources, America’s largest distributor of educational technology, offers more than just software and accessories to educators. For almost twenty years, Educational Resources has provideing value-added services and qualified consultation to schools.
Education Enrichment Resources, Inc. is focused on providing quality products to the education industry. EERI has primarily supplied K-12 schools nationally through its different operating units and brand names since 1985.

Berkery Noyes Represents Leeds Equity Partners In Its Purchase Of eInstruction Corporation

June 7, 2007
Synopsis:
Berkery, Noyes & Co., LLC, the leading independent investment bank serving the information and technology markets, announces that it represented Leeds Equity Partners, LLC, which has signed a definitive agreement to acquire 100 percent of eInstruction Corporation (eInstruction), a portfolio company of Chicago Growth Partners.
eInstruction is the leading worldwide provider of interactive response systems to Kindergarten-12th grade, higher-education, corporate and military classrooms with an estimated 40% market share.
Leeds Equity Partners, LLC, the New York-based private equity firm, manages the largest private equity fund in the United States focused on investments in the education, training and related business services and information industries ("Knowledge Industries").

Berkery, Noyes & Co. represents Monotype, LLC in transaction with Calvert Street Capital Partners

May 30, 2007
Synopsis:
Berkery, Noyes & Co., LLC, leading independent investment bank serving the information and technology markets, represented Monotype, LLC leading provider of content development, design, production and project management solutions to the pre-kindergarten through twelfth grade education industry, in a transaction with Calvert Street Capital Partners.
Monotype’s editorial, design, and production teams will guide your project from concept to classroom. Monotype provides the cornerstone of education. We recruit the best and brightest associates in content development, design, production and project management.
Calvert Street Capital Partners based in Baltimore, MD, is a long-term investor that provides private equity and mezzanine capital to the lower middle market. CSCP focuses exclusively on building businesses in partnership with operating management to achieve superior returns for its investors.

Berkery, Noyes & Co. represents Psychological Services, Inc. (PSI) in its transaction with ABRY Partners, LLC.

December 5, 2006
Synopsis:
Berkery, Noyes & Co., LLC, one of the leading independent investment banks serving the information and technology markets, announces that it represented Psychological Services, Inc. (PSI), in its transaction with ABRY Partners, LLC, a leading private equity group. ABRY invested in PSI to provide capital to accelerate PSI's impressive growth.
Psychological Services, Inc. is an industry-leading provider of assessment and evaluation programs for corporations, state governments and professional associations. PSI provides a range of assessments for pre-employment selection, evaluation, placement, and licensure and certification.
ABRY Partners is one of the most experienced and successful media-focused private equity investment firms in North America. Since 1989, ABRY has completed over $7.0 billion of leveraged transactions and other private equity investments, representing investments in more than 450 media properties.

Berkery, Noyes & Co. represents The Teaching Company in its sale to Brentwood Associates

October 3, 2006
Synopsis:
Brentwood Associates has acquired The Teaching Company Limited Partnership, the nation’s leading publisher and direct marketer of university-level courses on DVD, audio CD, and other formats. The Teaching Company’s current management team, led by CEO Brandon Hidalgo, will continue to operate the company and will maintain a significant equity stake.
The Teaching Company is the leading developer and marketer of proprietary university-level courses. TTC offers more than 220 “Great Courses,” which span more than 3,000 hours of content across eight subject categories. The Great Courses are taught by premier professors from the best universities.
Brentwood Associates is a private equity investment firm with more than $750 million of capital under management and a 30-year history of investing in leading middle-market growth companies.

Berkery, Noyes & Co. represents ELLIS in its sale to Pearson Digital Learning

June 21, 2006
Synopsis:
Pearson Education, world's leading education company, announced the acquisition of ELLIS, provider of English language training software for kindergarten through adult learners. The company plans to integrate ELLIS into its Pearson Digital Learning business unit, a leading provider of proven, research-based technology solutions for preK-12 learners
English Language Learning and Instruction System, Inc. (ELLIS) is a software development and marketing company based in Salt Lake City, Utah. In 1990, Dr. Frank Otto founded ELLIS, formerly known as CALI, to provide a better way to teach the English language to non-English speakers.
Buyer Parent: Pearson plc
Educating 100 million people worldwide, Pearson Education is the global leader in integrated education publishing.

Berkery, Noyes & Co. represents Questar Educational Systems, Inc. in its sale to Touchstone Applied Science Associates, Inc.

June 1, 2006
Synopsis:
Touchstone Applied Science Associates, Inc. announced today it has acquired the larger, privately-held Questar Educational Systems, Inc. of Apple Valley, MN in a cash and stock transaction initially valued at $20 million with the opportunity to reach $32.5 million based on performance milestones.
Questar Educational Systems was incorporated in 2000 to meet the growing demand for quality products and services and the timely delivery of those products and services to support statewide educational assessment programs.
Questar Educational Systems, Inc. provides educational assessment programs for the educational assessment industry in the United States. It provides solutions to the state and local education agencies and their testing programs.

Berkery, Noyes & Co. represents The Hampton-Brown Company in its sale to National Geographic Society

February 28, 2006
Synopsis:
The Hampton-Brown Company, the leading publisher of English as a Second Language learning materials, has been acquired by National Geographic Society ("NGS"). Hampton-Brown focuses its publishing efforts on language and literacy materials for under-performing students and for students whose first language is not English.
The Hampton-Brown Company was founded in 1980 by Sheron Long to create motivating educational materials of quality and instructional merit that make a difference in students' educational advancement.
Founded in 1888, the National Geographic Society is one of the world's largest nonprofit scientific and educational organizations. It reaches more than 330 million people worldwide each month through its official journal, National Geographic, and its four other magazines.

Berkery, Noyes & Co. represents Outsourcing Today and Unicomm in the divestiture of HRO World Conference & Exposition and HRO World Europe Conference & Exposition to LRP Publications

January 26, 2006
Synopsis:
LRP Publications, Inc. acquired HRO World Conference & Exposition ("HRO World") and HRO World Europe Conference & Exposition ("HRO Europe") from Outsourcing Today LLC and Unicomm LLC.
HRO World and HRO Europe are both owned in a 50-50 joint venture by Outsourcing Today and Unicomm. HRO World is the world's largest human resource outsourcing event and is currently held annually at the New York Hilton Hotel.
LRP Publications was founded in 1977. The first publications were state-specific public employment case reporters and the company was known as Labor Relations Press. As the company expanded into other legal specialties, the name was changed to LRP Publications.

Berkery, Noyes & Co. advises the Wicks Learning Group on its sale of Delta Education to School Specialty

August 25, 2005
Synopsis:
School Specialty, the leading education company providing supplemental learning products to the preK-12 market, announced that it has completed its acquisition of all of the membership interests of Delta Education, LLC from Wicks Learning Group, LLC, an affiliate of the Wicks Group of Companies L.L.C., a New York-based private equity firm.
Delta is a developer & supplier of hands-on science & math manipulatives, reading programs and related curriculum products for Pre-K to 9th grade. Founded on the belief that "children learn best by doing," Delta has developed a leading reputation and franchise in the supplementary education market.
School Specialty, Inc. is an education company serving the pre K-12 market with supplemental learning products, school furniture, children's publishing and specialized buying services.

Berkery, Noyes & Co. advises Kurzweil in its sale to Cambium Learning

April 12, 2005
Synopsis:
Cambium Learning, Inc., an education company serving the unique needs of the nation's at-risk, minority and special student populations with learning tools, services and technologies, today announced that they have signed an agreement to acquire Kurzweil Educational Systems, Inc.
Kurzweil Educational Systems, founded in 1996, is the industry leader and innovator of reading, writing and learning solutions for people with learning disabilities, and people who are blind or visually impaired.
Buyer Parent: Whitney & Co. LLC
Cambium Learning is an education company that provides research-based, culturally responsive and proven instructional materials, services and technology to help educators raise the achievement level of those pre K through grade 12 students underserved by existing instructional materials.

Berkery, Noyes & Co. advises ProQuest Company on its acquisition of Voyager Expanded Learning

January 1, 2005
Synopsis:
Cambium Learning Group, Inc., announced it has completed the merger of Cambium Learning, Inc., a company serving the needs of at-risk and special student populations, and Voyager Learning Company, a provider of educational solutions.
Voyager Learning Company is a leading provider of K-12 curriculum products, in-school core reading programs, reading and math intervention programs, and professional development programs for school districts throughout the United States.
Cambium Learning is an education company that provides research-based, culturally responsive and proven instructional materials, services and technology to help educators raise the achievement level of those pre K through grade 12 students underserved by existing instructional materials.

Berkery, Noyes & Co. advises Dominie Press in its sale to Pearson Education, Inc.

September 28, 2004
Synopsis:
Dominie Press, Inc. has been sold to Pearson Education, Inc. Based in Carlsbad, Calif., Dominie Press is a leading independently owned supplemental publishing company serving the K-8 education market.
Dominie Press currently publishes about 2,300 titles in a variety of niches, including K-8 leveled readers; research-based reading and writing assessment and oral language assessment; Spanish language materials for K-6 reading and assessment; and library materials for school and public libraries.
Buyer Parent: Pearson plc
Educating 100 million people worldwide, Pearson Education is the global leader in integrated education publishing.
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1st Half 2018 Education M&A Trends Report

1st Half 2018 Key Highlights

  • The largest Higher-Ed related transaction in 1st Half 2018 was staffing firm Adecco Group’s acquisition of General Assembly for $413 million. General Assembly, a coding bootcamp, offers full-time courses in subjects such as web development, user experience design, digital marketing, data science, and machine learning.
  • Four of the industry’s top five highest value deals year-to-date were completed by strategic acquirers.
  • 1st Half 2018 Key Trends

  • Total transaction volume in 1st Half 2018 increased by seven percent over 2nd Half 2017, from 202 to 216.
  • Total transaction value in 1st Half 2018 declined by 34 percent over 2nd Half 2017, from $9.37 billion to $6.17 billion. This followed a 21 percent rise in the preceding half year period.
  • The median revenue multiple fell from 2.7x in 2nd Half 2017 to 1.8x in 1st Half 2018, returning to its 1st Half 2017 level.
  • In the tech-based sectors, the segment with the largest rise in volume in 1st Half 2018 over 2nd Half 2017 was K-12 Media and Tech with a 32 percent gain, from 37 to 49 transactions.
  • Deal activity in the Professional Training Services segment increased 37 percent in second half 2017 and ten percent in 1st Half 2018, the latter of which marked the sector’s peak volume level over the past 30 months.
  • M&A Market Overview

    Berkery Noyes tracked 999 Education transactions between 2016 and 1st Half 2018, of which 199 disclosed financial terms, and calculated the aggregate transaction value to be $21.89 billion. Based on known transaction values, we project the values of 800 undisclosed transactions to be $6.25 billion, totaling $28.14 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2018
    Education

    Full Year 2017 Education Industry Trends

    2017 Key Highlights

  • Financial sponsors were responsible for nine of the top ten highest value transactions in 2017. The only strategic deal in the top ten list was Strayer Education's announced merger with Capella Education Company for $786 million.
  • The largest transaction in the Professional Training Services segment during the year was Blackstone Group and Canada Pension Plan Investment Board's announced acquisition of Ascend Learning, which offers educational content and online tools for students, educational institutions and employers, with a particular focus on healthcare and other licensure-driven occupations, for $2 billion.
  • 2017 Key Trends

  • Total transaction volume in 2017 remained almost constant over 2016, at 390.
  • Total transaction value in 2017 more than tripled over 2016, from $5.07 billion to $16.79 billion. This followed a 73 percent decline from 2015 to 2016. Of note, there were 24 deals in 2017 with disclosed values above $100 million, as opposed to seven deals in 2016 and 28 deals in 2015.
  • The median revenue multiple from 2016 to 2017 stayed the same at 2.1x. The median EBITDA multiple increased from 8.7x in 2016 to 10.2x in 2017.
  • The segment with the largest rise in volume in 2017 over 2016 was K-12 Institutions with an 53 percent increase, from 30 to 46 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,210 Education transactions between 2015 and 2017, of which 247 disclosed financial terms, and calculated the aggregate value to be $31.96 billion. Based on known transaction values, we project values of 963 undisclosed transactions to be $8.83 billion, totaling $40.79 billion worth of transactions tracked over the past three years.

    Full Year
    2017
    Education

    Q3 2017 Education Industry Trends

    Q3 2017 KEY HIGHLIGHTS

  • The most active acquirer through the 1st 3 Quarters of 2017, either directly or through an affiliated business, was Leeds Equity Partners with four transactions. Three of these deals occurred in Q3 2017.
  • Leeds Equity Partners during the quarter acquired the CRM and Application Management product lines from Hobsons; Courseval, a provider of online course evaluation software used by higher education institutions to assess faculty and course performance; and iLawVentures, which offers J.D., post-J.D. and international programs for law schools in the U.S.
  • Q3 2017 KEY TRENDS

  • Total transaction volume in Q3 2017 remained nearly constant over Q2 2017 at 102. This followed a 15 percent rise in Q1 2017.
  • Total transaction value in Q3 2017 declined 18 percent over Q2 2017, from $5.7 billion to $4.7 billion. However, aggregate value year-to-date more than tripled compared to the 1st 3 Quarters of 2016 and has already exceeded total value for all of 2016.
  • MULTIPLES & VALUE TRENDS

  • The median revenue multiple from 2016 through the 1st 3 Quarters of 2017 improved from 1.6x to 1.9x. The median EBITDA during the timeframe increased from 8.7x to 10.3x.
  • TOP TEN DEALS THROUGH Q3 2017

    The top ten deals by value have seen four new additions since our half year report, two of which reached the $1 billion threshold: Vista Equity Partners announced acquisition of The Advisory Board Company's education business, which includes Royall & Company, for $1.6 billion; and Thoma Bravo's acquisition of Frontline Education for an undisclosed sum.

    Q3
    2017
    Education

    1st Half 2017 Education Industry Trends

    1ST HALF 2017 KEY HIGHLIGHTS

  • Each of the industry's five largest deals in 1st Half 2017 were completed by financial sponsors. These five transactions, with a combined value of $5.58 billion, represented 72 percent of aggregate value during the half year period.
  • Two of the industry's top three highest value acquisitions year-to-date occurred in the Professional Training Services segment. Along these lines were Blackstone and Canada Pension Plan Investment Board's announced acquisition of Ascend Learning, which offers educational content and online tools for students, educational institutions and employers, with a particular focus on healthcare and other licensure-driven occupations, for $2 billion; and CVC Capital Partners with the announced acquisition of QA, an IT education and skills business, for $886 million.
  • 1ST HALF 2017 KEY TRENDS

  • Total transaction volume in 1st Half 2017 decreased by eight percent over 2nd Half 2016, from 195 to 179.
  • Total transaction value in 1st Half 2017 increased about fivefold over 2nd Half 2016, from $1.54 billion to $7.74 billion.
  • Of note, there was only one deal with a disclosed value above $100 million in 2nd Half 2016, compared to 11 such deals in 1st Half 2017. There were also two transactions that reached the $2 billion threshold in first half 2017, as opposed to none for all of 2016.
  • The median revenue multiple moved upward from 1.2x in 2nd Half 2016 to 1.4x in 1st Half 2017. The median EBITDA multiple declined from 11.0x in 2nd Half 2016 to 10.3x in 1st Half 2017.
  • M&A Market Overview

    Berkery Noyes tracked 997 Education transactions between 2015 and 1st Half 2017, of which 199 disclosed financial terms, and calculated the aggregate transaction value to be $24.64 billion. Based on known transaction values, we project the values of 798 undisclosed transactions to be $6.73 billion, totaling $31.37 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2017
    Education

    Full Year 2016 Education Industry Trends

    2016 Key Highlights

  • Transaction volume in the K-12 Media and Tech segment overtook both the Professional Training Services and Higher Ed Media and Tech segments, becoming the industry's most active sector in 2016.
  • The largest deal in 2016 was Apollo Education Group Inc.'s announced acquisition by a consortium of investors for $1.1 billion. This transaction, in which Apollo is being taken private, accounted for about one-fifth of the industry's total value in 2016.
  • 2016 Key Trends

  • Total transaction volume in 2016 decreased by 11 percent over 2015, from 426 to 378. This followed a 29 percent increase in from 2014 to 2015.
  • Strategic volume in 2016 moved downward by 15 percent over 2015, from 320 to 271. Private equity backed volume remained almost constant during this timeframe, from 106 to 107.
  • Total transaction value in 2016 fell by 70 percent over 2015, from $17.75 billion to $5.32 billion. This followed a 50 percent increase from 2014 to 2015. Of note, there were seven deals in 2016 with disclosed values above $100 million, as opposed to 19 such deals in 2015.
  • The median revenue multiple moved slightly from 1.9x in 2015 to 2.0x in 2016. The median EBITDA multiple saw a minor shift from 9.2x in 2015 to 8.7x in 2016.
  • M&A Market Overview

    Berkery Noyes tracked 1,135 Education transactions between 2014 and 2016, of which 234 disclosed financial terms, and calculated the aggregate value to be $27.99 billion. Based on known transaction values, we project values of 901 undisclosed transactions to be $6.86 billion, totaling $34.85 billion worth of transactions tracked over the past three years.

    Full Year
    2016
    Education

    1st Half 2016 Education Industry Trends

    1ST HALF 2016 KEY HIGHLIGHTS

  • The largest deal in 1st Half 2016 was Apollo Education Group Inc.'s announced acquisition by a consortium of investors for $1.1 billion.
  • The most active acquirer year-to-date, either purchased directly or through an affiliated business, was Vista Equity Partners with five industry transactions: HAIKU Learning Systems, Inc., TIENET, and Interactive Achievement, Inc. through PowerSchool Group in the K-12 Media and Tech segment; TeacherMatch through PeopleAdmin in the K-12 Media and Tech segment; and JumpForward through The Active Network in the Higher-Ed Media and Tech segment. Also of note, Vista Equity acquired PowerSchool Group for $350 million in 2015.
  • 1ST HALF 2016 KEY TRENDS

  • Total transaction volume in 1st Half 2016 decreased by 18 percent over 2nd Half 2015, from 230 to 188. Overall volume declined three percent on a year-over-year basis.
  • Strategic volume moved downward from 176 in 2nd Half 2015 to 138 in 1st Half 2016. Private equity backed volume remained fairly consistent during this timeframe, from 54 to 50.
  • Total transaction value in 1st Half 2016 fell by 65 percent over 2nd Half 2015, from $11.88 billion to $4.16 billion. Overall value decreased 38 percent on a year-over-year basis.
  • The median revenue multiple increased slightly from 1.9x in 2nd Half 2015 to 2.1x in 1st Half 2016.
  • The segment with the largest increase in volume in 1st Half 2016 over 2nd Half 2015 was K-12 Media and Tech with a 47 percent rise, from 32 to 47 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 942 Education transactions between 2014 and 1st Half 2016, of which 205 disclosed financial terms, and calculated the aggregate transaction value to be $26.65 billion. Based on known transaction values, we project the values of 737 undisclosed transactions to be $7.47 billion, totaling $34.12 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2016
    Education

    Full Year 2015 Education Industry Trends

    2015 Key Highlights

  • The industry's most active strategic acquirer in 2015, either directly or through an affiliated business, was Bertelsmann SE & Co. KGaA with four transactions.
  • Bertelsmann SE & Co. KGaA acquired Redilearning, an online learning company that serves the senior care sector; Academy Medical, a provider of continuing education content for various healthcare providers; YoBoHo, a digital media company that specializes in creating original content for children; and Alliant International University, a network of five California-based professional schools.
  • The combined Professional Training Services and Technology segments accounted for nearly one-third of the industry's aggregate transaction volume. In addition, strategic acquirers represented 80 percent of deal flow in the Professional Training segments.
  • 2015 Key Trends

  • Total transaction volume in 2015 increased by 26 percent over 2014, from 329 to 415.
  • Total transaction value in 2015 rose by 52 percent over 2014, from $11.68 billion to $17.75 billion.
  • The median revenue multiple decreased from 2.4x in 2014 to 2.0x in 2015. The median EBITDA multiple declined from 11.5x in 2014 to 9.6x in 2015.
  • The segment with the largest rise in volume in 2015 over 2015 was Higher-Ed Media and Tech with a 68 percent gain, from 47 to 79 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 1,044 Education transactions between 2013 and 2015, of which 235 disclosed financial terms, and calculated the aggregate value to be $28.97 billion. Based on known transaction values, we project values of 809 undisclosed transactions to be $9.74 billion, totaling $38.70 billion worth of transactions tracked over the past three years.

    Full Year
    2015
    Education

    1st Half 2015 Education Industry Trends

    1ST HALF 2015 KEY HIGHLIGHTS

  • The largest transaction year-to-date was LinkedIn Corporation's acquisition of Lynda.com, an online learning company that provides video tutorials and courses covering business, software, creative, and other areas, for $1.5 billion.
  • The most active acquirers in 1st Half 2015, either purchased directly or through an affiliated business, were The Riverside Company and Providence Equity Partners with three industry deals each. Riverside acquired Health and Safety Institute; C-Learning through Learning Seat Pty Ltd; and Digital Ignite through YourMembership.com. Providence acquired Remote-Learner UK and Schoolwires, Inc. through Blackboard Inc; and Endeavour College of Natural Health through Study Group International.
  • 1ST HALF 2015 KEY TRENDS

  • Total transaction volume in 1st Half 2015 increased by nine percent over 2nd Half 2014, from 162 to 177.
  • Total transaction value in 1st Half 2015 rose by 29 percent over 2nd Half 2014, from $4.75 billion to $6.11 billion.
  • The number of private equity backed deals in 1st Half 2015 improved by 38 percent over 2nd Half 2014, from 37 to 51 transactions.
  • The median revenue multiple declined from 3.5x in 2nd Half 2014 to 2.0x in 1st Half 2015. This marked a near return to its median throughout the last 30 months.
  • The segment with the largest increase in volume in 1st Half 2015 over 2nd Half 2014 was Higher-Ed Media and Tech with an 81 percent rise, from 21 to 38 transactions.
  • M&A Market Overview

    Berkery Noyes tracked 806 Education transactions between 2013 and 1st Half 2015, of which 171 disclosed financial terms, and calculated the aggregate transaction value to be $20.78 billion. Based on known transaction values, we project the values of 635 undisclosed transactions to be $5.94 billion, totaling $26.72 billion worth of transactions tracked over the past two and a half years.

    1st Half
    2015
    Education

    Full Year 2014 Education Industry Trends

    2014 Key Highlights

  • The largest transaction in 2014 was Charterhouse Capital Partners' acquisition of SkillSoft Limited, a provider of cloud-based learning solutions for enterprises and governments, for $2.3 billion.
  • Providence Equity Partners was the industry's most active acquirer in 2014 with 11 transactions. This consisted of VectorLearning, ParentLink, CardSmith, Premier Training International, PerceptIS, LLC, VitalSmarts, SIDEARM Sports Inc., Licensing Resource Group, AchieveGlobal, IPS Learning, LLC and MyEdu.
  • The combined tech-based segments accounted for 47 percent of the aggregate industry's transaction volume. In addition, strategic acquirers represented 70 percent of deal flow in the tech-based segments.
  • 2014 Key Trends

  • Total transaction volume in 2014 increased by nine percent over 2013, from 298 to 325.
  • Total transaction value in 2014 rose by 25 percent over 2013, from $9.12 billion to $11.40 billion.
  • The median revenue multiple increased from 1.5x in 2013 to 2.4x in 2014. The median EBITDA multiple remained nearly constant at 11.1x.
  • M&A Market Overview

    Berkery Noyes tracked 898 Education transactions between 2012 and 2014, of which 217 disclosed financial terms, and calculated the aggregate value to be $22.13 billion. Based on known transaction values, we project values of 681 undisclosed transactions to be $5.97 billion, totaling $28.10 billion worth of transactions tracked over the past three years.

    Full Year
    2014
    Education