Granite Equity Partners is selling Atomic Learning to Boathouse Capital and Renovus Capital Partners, a pair of Pennsylvania-based private equity firms. The PE firms invested $19 million in subordinated debt along with Atomic Learning’s management and M&I Bank provided senior debt. Atomic Learning is a Minnesota-based education company providing technology to instructors. DLA Piper, advised Boathouse and Renovus on the transaction while Leonard Street and Deinard advised Atomic Learning. Atomic Learning was represented by Greene Holcomb & Fisher.
Wayne, PA, April 11, 2012 – Boathouse Capital and Renovus Capital Partners are pleased to announce the acquisition of Atomic Learning, Inc.(“Atomic Learning”) from Granite Equity Partners. Boathouse and Renovus are private equity funds based outside of Philadelphia, PA.
Boathouse and Renovus invested $19.0 million of subordinated debt and equity alongside Atomic Learning’s management. Additionally, M&I Bank provided senior debt financing.
Headquartered in Little Falls, Minnesota, Atomic Learning is focused on promoting the practical application of technology in education by empowering educators with the professional development and training resources needed to create college and career-ready students. Its training products provide workshops, classroom-ready projects and tutorials on more than 200 commonly-used software applications and are used by 460,000 teachers and 733,000 college students nationwide. In addition to Atomic Learning’s flagship 21PD and Tech Integration products and online platform, the Company provides training to support the effective use of assistive technology, offers instructor-led blended courses on technology integration and just announced its latest offering – Atomic TechCore – which supports K12 districts in effectively bringing technology and curriculum together to meet the Common Core State Standards.
“As we look to take the Company to the next level, the management team and I are excited to be partnering with owners that have significant experience in the education industry,” noted Dan Meyer, Atomic Learning’s CEO. “Boathouse has proven their ability to create value during their successful ownership of Primrose Schools and the Renovus team has had a great track record helping small education companies grow by investing in sales force expansion and new products.”
“What really excited us about Atomic Learning was its compelling customer value proposition,” added Bradley Whitman, a Renovus founder. “Schools have spent billions over the last two decades putting technology in the classroom but very little on training teachers on how to use this technology and integrate it into the curriculum. Atomic Learning directly addresses this critical need. ”
“Online training is the wave of the future,” concluded Bill Dyer, a Boathouse founder. “Atomic Learning’s platform offers on-demand training that fits each individual teacher’s specific needs, making it far more cost-effective and efficient than traditional seminar-style training.”
“The value of the Atomic Learning platform is really demonstrated by the loyalty of their customers,” added Jesse Serventi, a Renovus founder. “The platform is sold on an annual subscription basis and renewal rates have remained very high in recent years, despite significant budget challenges for many schools.”
DLA Piper, advised Boathouse and Renovus on the transaction while Leonard Street and Deinard advised Atomic Learning. Atomic Learning was represented by Greene Holcomb & Fisher.
About Boathouse Capital
Boathouse Capital is a lower middle market mezzanine debt and equity private equity firm in Wayne, PA. Boathouse Capital was founded in 2009 by Ken Jones, Bill Dyer, Steve Gord, and Chong Moua and has $120 million of capital under management. Boathouse Capital has deployed more than $60 million in ten portfolio companies to date. http://www.boathousecapital.com/
About Renovus Capital Partners
Founded in January 2010, Renovus Capital Partners is an education-focused private equity fund based in Wynnewood, PA, a suburb of Philadelphia. Renovus invests in small and mid-sized businesses within the education sector, including both educational institutions and companies that provide these institutions with technology, content and services. The Fund is particularly interested in growth-oriented businesses, and the Renovus team actively partners with management to build its portfolio companies through acquisitions, new strategic initiatives and operational improvements. The Renovus team has a combined 45 years of experience investing in the education sector and the founding partners have been working together since 2005. Renovus is a licensed SBIC. For additional information on Renovus Capital Partners, please visit www.renovuscapital.com