Avenues: The World School, an education company developing a system of independent schools, has raised $75 million from investors including LLR Partners and Liberty Partners. The financing is aimed at helping Avenues open a flagship campus in Manhattan. Philadelphia-based buyout shop LLR Partners has more than $1.4 billion under management.
LLR Partners (“LLR”) announced today that it has made a growth capital investment in Avenues: The World School, an education organization developing a system of top prekindergarten through 12th grade independent schools in leading cities around the world. LLR is partnering with Liberty Partners and the Company’s founders as part of a $75 million financing to help fund the opening of Avenues’ flagship campus in Manhattan, as well as future domestic and international sites.
Avenues, which was founded in 2009 by Benno Schmidt, the former President of Yale University; Chris Whittle, the founder of the Edison Schools (now EdisonLearning); and Alan Greenberg, the former publisher of Esquire, will open its flagship campus in fall 2012 in the Chelsea neighborhood of New York City. Over the next 10 years, the Company plans to open more than 20 campuses within major cities across the world.
“We are excited about the opportunity to partner with education visionaries such as Chris, Benno, and Alan and be a part of what will become an exceptional, global educational experience,” says LLR Partner Seth Lehr, who will join the Company’s Board along with David Stienes, Principal at LLR.
“We are excited to offer parents what we see as a truly unique vision,” says Chris Whittle, CEO of Avenues. “In many of the world’s largest cities, the demand for high quality education greatly outstrips the supply. Avenues’ schools will provide students with the tools they need to be successful in this increasingly global world.”
About LLR Partners
LLR Partners, a leading private equity firm based in Philadelphia, provides capital to middle market growth companies with proven business models in a broad range of industries including healthcare, financial, consumer and business services, information technology, specialty retail and education. With over $1.4 billion under management, LLR is flexible in its approach, taking minority or majority positions, and leading transactions ranging from expansion and growth capital to shareholder recapitalizations and buyouts. For more information about LLR, please visit www.llrpartners.com.