PE Deals

Clearlake-backed Discovery Education to acquire edtech firm DreamBox Learning

DreamBox Learning's current investors Elliott Investment Management L.P. and TPG's The Rise Fund will retain minority stakes in the company.

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  • Discovery Education is a global education technology company
  • The transaction is expected to close in the fourth quarter of 2023
  • Headquartered in Santa Monica, California, Clearlake targets the technology, consumer, and industrials sectors

Discovery Education, which is backed by Clearlake Capital Group, has agreed to acquire Bellevue, Washington-based DreamBox Learning, a PK-12 education technology provider. No financial terms were disclosed.

DreamBox Learning’s current investors Elliott Investment Management L.P. and TPG’s The Rise Fund will retain minority stakes in the company.

Discovery Education is a global education technology company.

“Discovery Education is excited to welcome DreamBox Learning, a brand synonymous with quality, research-based math and reading edtech solutions to our growing family of services,” said Discovery Education CEO Jeremy Cowdrey in a statement. “Combining an expertise in learning science with adaptive, effective instructional solutions, DreamBox Learning’s solutions can help students excel regardless of who they are or where they live.”

Sidley Austin LLP served as legal advisor to Discovery Education. Moelis & Company LLC acted as lead financial advisor and Gibson, Dunn & Crutcher LLP served as legal advisor to DreamBox Learning on the transaction.

The transaction is expected to close in the fourth quarter of 2023.

Headquartered in Santa Monica, California, Clearlake targets the technology, consumer, and industrials sectors. Clearlake currently has over $70 billion of assets under management.