M&A Deal Summary

Cengage Acquires Visible Body

On January 13, 2025, Cengage acquired education company Visible Body from Capitala Group and Lineage Capital

Acquisition Highlights
  • This is Cengage’s 3rd transaction in the Education sector.
  • This is Cengage’s 12th transaction in the United States.
  • This is Cengage’s 2nd transaction in Massachusetts.

M&A Deal Summary

Date 2025-01-13
Target Visible Body
Sector Education
Buyer(s) Cengage
Sellers(s) Capitala Group
Lineage Capital
Deal Type Add-on Acquisition
Advisor(s) Vicksburg Capital Partners (Financial)

Target

Visible Body

Framingham, Massachusetts, United States
Visible Body is a creator of 3D anatomical models and animations of the human body used in the education of both students and healthcare professionals. Visible Body was founded in 2007 and is based in Framingham, Massachusetts.

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Buyer(S) 1

Buyer

Cengage

Boston, Massachusetts, United States

Category Company
Founded 1994
Sector Education
Revenue 2.0B USD (2012)
DESCRIPTION

Cengage is an education and technology company that offers valuable options at affordable price points, including industry-leading initiative Cengage Unlimited, the first-of-its-kind all-access digital subscription service for higher education. The company embraces innovation to create learning experiences that build confidence and momentum toward the future students want. It also serves K-12, library, and workforce training markets around the world. Cengage was formed in 2014 and is Headquartered in Boston, Massachusetts.


DEAL STATS #
Overall 13 of 13
Sector: Education M&A 3 of 3
Type: Add-on Acquisition M&A Deals 11 of 11
State: Massachusetts M&A 2 of 2
Country: United States M&A 12 of 12
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-31 Infosec

Madison, Wisconsin, United States

Infosec is a cybersecurity education company helping IT and security professionals advance their careers and empowering employees to be cyber-safe at work and home. Infosec's mission is to equip individuals and organizations with the knowledge and skills to confidently outsmart cybercrime. Infosec was founded in 2004 and is headquartered in Madison, Wisconsin.

Buy $191M

Seller(S) 2

SELLER

Capitala Group

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1998
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Capitala Group is an asset manager that provides equity and mezzanine capital to mid-sized companies valued up to $250 million. Funds are generally used to support growth needs, add-on acquisitions, management/leveraged buyouts, and recapitalizations. Capitatala will invest across the US, but generally targets opportunities located in the Southeast. Industry preferences include building products, business services, consumer/reteail, general industrial, healthcare, and technology. Prospective companies typically have revenues greater than $10 million and EBITDA of at least $3 million. Capitala was formed in 1998 and is headquartered in Charlotte, North Carolina.


DEAL STATS #
Overall 55 of 56
Sector: Education M&A 1 of 1
Type: Add-on Acquisition M&A Deals 19 of 20
State: Massachusetts M&A 1 of 1
Country: United States M&A 54 of 55
Year: 2025 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-01 Stueve Construction

Algona, Iowa, United States

Stueve Construction is a design, engineering, and construction firm focused primarily on the construction of dry fertilizer storage facilities. Stueve Construction was founded in 1958 and is based in Algona, Iowa.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-18 PureRED

Stone Mountain, Georgia, United States

PureRED Integrated Marketing is an advertising agency that designs and executes integrated retail marketing programs including pre-media advertising execution, digital creative/design, digital asset management services, photographic services, and interactive services for national retailers. PureRED was founded in 1967 and is based in Stone Mountain, Georgia.

Sell -
SELLER

Lineage Capital

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 160M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Lineage Capital is a private investment firm focused on acquiring interests in family-controlled and owner-managed middle-market businesses. The Firm targets businesses with EBITDA of $4 million or greater. Lineage looks for control or minority investment situations and will consider opportunities throughout North America. Lineage Capital was formed in 2003 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 11 of 11
Sector: Education M&A 1 of 1
Type: Add-on Acquisition M&A Deals 5 of 5
State: Massachusetts M&A 2 of 2
Country: United States M&A 11 of 11
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-03 GIK Acoustics

Atlanta, Georgia, United States

GIK Acoustics is a manufacturer and provider of acoustic treatment products, including bass traps, acoustic sound panels, and diffusors to consumers and small-to-medium businesses. GIK Acoustics is based in Atlanta, Georgia.

Buy -