Accelerate Learning Announces Majority Investment from Providence Equity Partners
HOUSTON and PROVIDENCE, R.I. – February 21, 2022 – Accelerate Learning (“Accelerate Learning” or the “Company”), a leading provider of STEM curriculum for the K-12 education market, today announced a strategic investment from Providence Equity Partners (“Providence”), a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology. The Company will continue to be led by President and CEO Philip Galati, and existing investors including funds managed by global investment firm Carlyle (NASDAQ: CG), Quad Partners (“Quad”), Rice University and Owl Ventures will retain minority stakes. Financial terms of the transaction were not disclosed.
Founded in 2013, Accelerate Learning provides digital-first STEM curriculum that improves educational outcomes by enabling students to develop problem-solving, innovation and critical thinking skills necessary to be successful in the future. Built by teachers for teachers, the Company’s core product offering is a comprehensive learning platform that includes standards-aligned digital curriculum, print workbooks, hands-on classroom teaching kits and professional development for educators. Accelerate Learning’s award-winning STEMscopes and Math Nation curricula and resources support instruction across all K-12 grade bands in all 50 states and across all learning environments. The Company’s comprehensive, results-oriented solutions are used by more than 9 million students and 750,000 teachers across the United States.
“We are grateful for the partnership with Carlyle, Quad and our other investors over the past several years and are thrilled to welcome an experienced, long-term partner like Providence at such a pivotal time in K-12 and STEM education,” said Mr. Galati. “Providence’s deep experience in education software and technology will be invaluable as we seek to continue to accelerate our growth, scale our business, and deepen our relationships with our customers. We look forward to working with Providence, along with Carlyle, as we further our mission to improve learning outcomes and close the achievement gap.”
“Accelerate Learning’s purpose-built, engaging and easy-to-use platform has a demonstrated track record of driving better outcomes for administrators, teachers and students,” said David Phillips, Senior Managing Director at Providence. “With the increased emphasis on STEM in K-12 curriculum as well as the ongoing shift to digital-first providers, we believe the Company is well-positioned to capitalize on numerous organic and inorganic growth opportunities in the years ahead. We are excited to partner with Phil and the Accelerate Learning team to build on the Company’s considerable momentum and fuel its next phase of growth.”
SVB Securities served as the exclusive financial advisor, Latham & Watkins LLP provided legal counsel, and PwC provided financial advisory services for Accelerate Learning and Carlyle. Macquarie Capital served as Providence’s financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Providence.
About Accelerate Learning
Accelerate Learning provides STEM curriculum and professional development solutions that empower teachers, increase scores and inspire students to become tomorrow’s STEM leaders. Its award-winning STEMscopes, Study Edge and Math Nation curricula and resources are highly adaptable, affordable, and support instruction in any learning environment. The comprehensive, results-oriented solutions are used by over 9 million students and 750,000 teachers across the United States. For more information, visit acceleratelearning.com or call 800-531-0864.
About Providence Equity Partners
Providence Equity Partners is a specialist private equity investment firm focused on growth-oriented media, communications, education and technology companies across North America and Europe. Providence combines its partnership approach to investing with deep industry expertise to help management teams build exceptional businesses and generate attractive returns. Since its founding in 1989, Providence has invested over $32 billion across more than 170 private equity portfolio companies. With its headquarters in Providence, RI, the firm also has offices in New York, London, Boston and Atlanta. For more information, please visit www.provequity.com.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $373 billion of assets under management as of December 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
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