Spire Capital has made the first investment from its third fund, partnering with the management of Surgent Tax & Accounting Education, which provides continuing professional education services to organizations and professionals in accounting, auditing and taxation industries. It’s not clear if Spire has closed fundraising on Fund III, but the firm had raised $100 million on a target of $375 million as of May.
Spire Capital, a lower middle market focused private equity firm specializing in investments in the business services, information services, education, media and communications sectors, today announced a partnership with the management of Surgent Tax & Accounting Education (“Surgent” or the “Company”), a trusted and innovative provider of continuing professional education services to organizations and professionals in the accounting, auditing and taxation industries. This marks the first investment in Spire’s third fund.
Founded in Devon, Pennsylvania in 1985, Surgent has built long term relationships with state accounting societies throughout the United States as a leading provider of live seminars, web based video instruction and self-study materials to state society members. Surgent is also a leading provider of continuing education to public accounting firms and directly to CPAs through its webinar, webcast and self-study offerings.
Surgent serves a market that includes more than 1,200,000 accounting professionals which are required to complete accredited continuing professional education each year. In 2013, Surgent expects to serve more than 105,000 professionals in 50 states through its web based and on-site educational offerings.
“I am very excited to continue leading Surgent as a valued partner to our state accounting society associations and to grow our public accounting firm offering which includes enhanced curriculum for various experience levels, comprehensive subject matter breadth and a foundational technology platform for our clients to utilize,” said Jack Surgent, Chief Executive Officer of Surgent. “Our goal has always been to provide the best quality content and education in the industry. Partnering with Spire will provide the strategic focus and resources needed to fuel our growth in the coming years.”
“We see tremendous opportunity with the Surgent business,” said Bruce Hernandez, Partner of Spire Capital. “The Company has developed strong relationships with state accounting societies across the country since its founding while successfully innovating and growing new products and delivery methods. For example, Surgent will grow its recently introduced webinar annual subscriptions by greater than 100% in 2013. With strong management led by Jack and our demonstrated investment expertise in the education industry, we believe we can build on Surgent’s history and reputation to become the leading accounting education technology business serving state accounting societies, public accounting firms and industry accounting professionals.”
About Surgent Tax & Accounting Education
Surgent Tax & Accounting Education (“Surgent”) is a leading provider of professional education and specialized career training services. Within the accounting, auditing and taxation industries, Surgent is recognized as one of the largest and most respected providers of continuing professional education and training services throughout the United States, offering a broad selection of courses and content delivered through technology-based formats as well as live classroom instruction. Surgent’s extensive subject matter expertise, brand recognition and multi-channel offering have enabled the Company to establish and maintain a leading presence within its chosen markets. For more information, please visit http://www.cpenow.com/.
About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced private equity firm with an investment focus in companies within the business services, information services, media, education and communications sectors. Spire Capital leads buyout investments in its areas of expertise and believes its deep industry experience and network of relationships are invaluable in helping its portfolio companies to grow and succeed. Spire Capital has managed over $700 million in private equity commitments since its founding. For more information please visit www.spirecapital.com.
SOURCE Spire Capital Partners