The Wicks Group of Cos. has completes its $170 million cash sale of career education company Penn Foster Education Group Inc. to The Princeton Review Inc. (Nasdaq: REVU).
The Wicks Group of Companies, L.L.C. (“Wicks”), a New York-based private equity firm, today announced that it has completed the sale of Penn Foster Education Group (“Penn Foster”), a provider of online job-training and career-accreditation programs, to The Princeton Review (Nasdaq: REVU), a provider of test preparation and related education services.
Penn Foster is one of the oldest, largest and most recognized online career education providers in the world, delivering a wide range of degree, diploma and certificate programs in the fields of allied health, business, technology, education, and other select trades. Its fully accredited programs provide a unique value proposition to each student: a quality education with flexible start dates and self-paced online study at a price point that is significantly lower than most competing institutions.
Commenting on the announcement, Daniel Black, Partner of Wicks, said, “The Wicks Group has successfully invested in the education industry over its 20 year history and we are very pleased with the outcome for Penn Foster, its employees and its students. Stu Udell and his team have done an outstanding job over the past few years and the combination with The Princeton Review should benefit both businesses immensely. We enjoyed working with Michael Perik, CEO at REVU, and his capable team throughout this process and wish them well in taking the company to the next level.”
Signal Hill Capital Advisors acted as financial advisor and Nixon Peabody served as legal counsel to Wicks on the transaction.
About The Wicks Group of Companies, L.L.C.
The Wicks Group of Companies, L.L.C. (www.wicksgroup.com) is a New York-based private equity firm that manages funds that invest in selected segments of the information, education and media industries. Wicks currently owns or has owned companies in numerous sectors including educational publishing, business services, affinity marketing, data services, medical information, community newspapers, broadcasting, magazine publishing, outdoor advertising, newsletter publishing, and cable television.
About The Princeton Review
The Princeton Review (Nasdaq: REVU) has been a pioneer and leader in helping students achieve their higher education goals for more than 25 years through college and graduate school test preparation and private tutoring. With more than 165 print and digital publications and a free website, www.princetonreview.com, the company provides students and their parents with the resources to research, apply to, prepare for, and learn how to pay for higher education. The Princeton Review also partners with schools and guidance counselors throughout the U.S. to assist in college readiness, test preparation and career planning services, helping more students pursue postsecondary education.