Charlesbank Capital Partners has agreed to sell test preparation and college admission services company The Princeton Review to Tutor.com, an operating business of IAC. The deal is expected to close on Aug. 1, 2014, subject to closing conditions. Terms of the deal were not disclosed.
The Princeton Review, a portfolio company of Charlesbank Capital Partners, announced today that it has signed an agreement to be acquired by Tutor.com, an operating business of IAC (NASDAQ: IACI). The terms of the transaction were not disclosed. The transaction is expected to close on August 1, 2014, subject to satisfaction of customary closing conditions.
Based in Natick, MA, The Princeton Review is a leading test preparation and college admission services company. Every year it helps millions of college and graduate school-bound students achieve their education and career goals through its test preparation, tutoring and admissions services, online resources and more than 150 print and digital books. The company delivers its services via a network of more than 4,000 teachers and tutors in the US and Canada and through its international franchises in 14 other countries.
“We are very proud of what we accomplished during our partnership with Charlesbank,” said Deborah Ellinger, Chairman and CEO of The Princeton Review. “Under their leadership we completed two strategic acquisitions, expanded our capabilities and customer base, built on our reputation for great customer service and helped even more students find their way to their best-fit college or grad school. We now look forward to working with Tutor.com and IAC, whose support will allow us to continue offering top-tier service while expanding our services and our customer base.”
“Together with the talented and dedicated management team at The Princeton Review, we have achieved terrific results over the past two years and generated an attractive return for our investors,” said Josh Klevens, a Managing Director of Charlesbank. “We are pleased to leave the company well-positioned for continued growth and wish them every success as they begin their next chapter under Tutor.com.”
Stifel and Goodwin Procter acted as advisors to The Princeton Review for this transaction.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $3 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. Visit www.charlesbank.com for more information.