M&A Deal Summary

Sterling Partners Private Equity and Apollo Global Management Acquire Connections Academy

On September 1, 2004, private equity firm Sterling Partners Private Equity and asset manager Apollo Global Management acquired education company Connections Academy

Acquisition Highlights
  • This is Sterling Partners Private Equity’s 3rd and Apollo Global Management’s 1st transaction in the Education sector.
  • This is Sterling Partners Private Equity’s 12th and Apollo Global Management’s 3rd transaction in the United States.
  • This is Sterling Partners Private Equity’s 4th and Apollo Global Management’s 1st transaction in Maryland.
Investment Fate
  • Connections Academy was sold to a strategic buyer in 2011 for 400M USD.

M&A Deal Summary
Date 2004-09-01
Target Connections Academy
Sector Education
Buyer(s) Sterling Partners Private Equity
Apollo Global Management
Deal Type Buyout (LBO, MBO, MBI)

Target

Connections Academy

Baltimore, Maryland, United States
Connections Academy operates 'virtual schools' under management contracts from state charter schools and school districts. This arrangement provides the structure of traditional brick-and-mortar schooling and eliminates the cost to parents. Parents or other 'Learning Coaches' assist with the day-to-day learning using the Company's proven curriculum that incorporates comprehensive daily lesson plans, textbooks from leading educational publications, and online lessons.

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Buyer(S) 2

Buyer

Sterling Partners Private Equity

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1983
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Sterling Partners Private Equity is the private equity arm of asset management firm Sterling Partners. Sterling Partners Private Equityis focused on investing in small to medium-sized companies positioned for growth, either organically or through acquisitions. Sterling has a strong interest in businesses with differentiated products, defensible competitive positions, recurring revenues, and diversified customers. The Firm's target equity commitment size is $5 to $175 million. Broad sectors of interest include direct marketing, education, specialty distribution, specialty manufacturing, healthcare, technology, and business services. Sterling Partners was formed in 1983 and is based in Chicago, Illinois.

DEAL STATS #
Overall 12 of 62
Sector (Education) 3 of 12
Type (Buyout (LBO, MBO, MBI)) 4 of 19
State (Maryland) 4 of 7
Country (United States) 12 of 60
Year (2004) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-01 Atlantic Industrial

Columbia, Maryland, United States

Atlantic Industrial, Inc. provides industrial services to refineries, power plants, and pulp and paper mills.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-01 The Chauncey Group International

Princeton, New Jersey, United States

The Chauncey Group International Ltd. is a provider of certification and licensing examinations for professionals, businesses, and government.

Sell -
Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1990
PE ASSETS 45.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.

DEAL STATS #
Overall 3 of 140
Sector (Education) 1 of 3
Type (Buyout (LBO, MBO, MBI)) 2 of 18
State (Maryland) 1 of 2
Country (United States) 3 of 101
Year (2004) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-17 GNC

Pittsburgh, Pennsylvania, United States

GNC is the largest global specialty retailer of health and wellness products, with 4,200 retail locations in the United States and franchise operations in 48 international markets. GNC products include vitamins, minerals, and other wellness products. GNC was established in 1935 and is based in Pittsburgh, Pennsylvania.

Buy $750M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-03 Nalco

Naperville, Illinois, United States

Nalco is a sustainability services company focused on industrial water, energy and air applications, delivering significant environmental, social and economic performance benefits to their customers. Nalco helps customers reduce energy, water and other natural resource consumption, enhance air quality, minimize environmental releases and improve productivity and end products while boosting the bottom line. Its comprehensive solutions contribute to the sustainable development of customer operations. More than 12,000 Nalco employees operate in 150 countries supported by a comprehensive network of manufacturing facilities, sales offices and research centers to serve a broad range of end markets.

Sell -
Mergr

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