M&A Deal Summary

Leeds Equity Partners Acquires Fusion Education Group

On December 11, 2017, private equity firm Leeds Equity Partners acquired education company Fusion Education Group from Winona Capital Management, Glencoe Capital and Crane Street Capital

Acquisition Highlights
  • This is Leeds Equity Partners’ 11th transaction in the Education sector.
  • This is Leeds Equity Partners’ 21st transaction in the United States.
  • This is Leeds Equity Partners’ 1st transaction in Michigan.

M&A Deal Summary
Date 2017-12-11
Target Fusion Education Group
Sector Education
Buyer(s) Leeds Equity Partners
Sellers(s) Winona Capital Management
Glencoe Capital
Crane Street Capital
Deal Type Secondary Buyout

Target

Fusion Education Group

Grand Rapids, Michigan, United States
Fusion Education Group operates private middle and high schools that offer individualized instruction. Classes at Fusion are delivered by one teacher to one student through a mastery-based learning model, which enables each session to be attuned to that student's specific learning cadence and style. The Fusion approach to learning is effective for all students, however, it is used most frequently by students who did not achieve full potential at his or her prior school due to, among other factors, challenges with group instruction stemming from anxiety, depression, ADHD or different learning styles. Fusion Education Group is based in Grand Rapids, Michigan.

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Buyer(S) 1

Buyer

Leeds Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 3.3B USD
Size Large
Type Sector Focused
DESCRIPTION

Leeds Equity Partners is a specialist private equity firm that targets investments in middle-market companies operating in knowledge industries. Specific areas of interest include education (K-12, postsecondary, at-risk/special education, instruction materials, testing), training (corporate training, professional certification/continuing education, language training), and information/business services (b2b publishing, information databases/research, tradeshows/conferences, business process outsourcing, consulting, staffing, marketing). Leeds prefers investing in established companies that are leaders in their respective markets. Leeds Equity Partners was formed in 1993 and is based in New York, New York.

DEAL STATS #
Overall 24 of 42
Sector (Education) 11 of 18
Type (Secondary Buyout) 4 of 8
State (Michigan) 1 of 1
Country (United States) 21 of 39
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-01 CeriFi

Alpharetta, Georgia, United States

CeriFi is a diversified education, training and certification provider serving firms and professionals across the financial services market. CeriFi is based in Alpharetta, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-20 Endeavor

Miami, Florida, United States

Endeavor operates private-pay schools across the U.S., educating students from preschool through high school. Endeavor has organically and inorganically built a network of high quality schools across the U.S. The company's mission is to partner with great educators and provide them with the infrastructure, leadership, guidance and support they need to produce extraordinary outcomes and experiences for the students and families they serve. Endeavor is based in Miami, Florida.

Buy -

Seller(S) 3

SELLER

Winona Capital Management

Chicago, Illinois, United States

Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2006
PE ASSETS 125M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Winona Capital Management is a private investment firm that makes direct investments in consumer related middle-market companies. Winona targets growth companies generating sales of $10 to $100 million and EBITDA of at least $1 million. The Firm can commit up to $15 million per transaction. Specific areas of interest include niche consumer goods and services; sports, recreation and leisure; specialty manufacturing and distribution; growth-oriented, multi-unit specialty food and retail; and education services. Winona's investment horizon is five years. Winona Capital Management is based in Chicago, Illinois.

DEAL STATS #
Overall 5 of 9
Sector (Education) 1 of 1
Type (Secondary Buyout) 2 of 3
State (Michigan) 1 of 1
Country (United States) 5 of 7
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-24 Foodberry

Boston, Massachusetts, United States

Foodberry is a maker of allergen-friendly food products. Foodberry is focused on creating delicious snacks that are free from the Big 8 common allergens (dairy, wheat / gluten, peanuts, tree nuts, eggs, soy, fish and shellfish). It's first offering, perfectly free™ non-dairy frozen bites, are frozen treats made with a creamy vanilla core and enrobed by a velvety layer of real cherry, blueberry, rich cocoa or salted caramel. The all-natural, non-GMO bites are made in a dedicated, free-from facility and contain no artificial flavorings, colors or preservatives. Foodberry was founded in 2012 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-10 LK International AG

Hünenberg, Switzerland

LK International AG (KJUS) stands for sportswear made of innovative, high-performance material with a distinctive, clean design. The award-winning collections Ski, Golf and Lifestyle are developed by passionate sports experts and tested by professional athletes. The products are designed to enable sportspeople to focus on the experience. Driven by an enthusiasm for sports and an uncompromising vision, KJUS continues to push farther, innovating with every seam, fabric, and detail.

Sell -
SELLER

Glencoe Capital

Manchester, New Hampshire, United States

Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 1.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Glencoe Capital is a private equity firm that invests in leveraged buyouts and recapitalizations of middle-market companies. Glencoe consists of Glencoe Capital Partners Funds which seeks North American businesses valued between $25 million and $125 million, and the Michigan Opportunities Fund which looks to invest in recapitalizations, buyouts, and growth equity transactions in Michigan. Sectors of interest include business and media services, financial services, food and consumer products, and industrials. Glencoe prefers platform companies to have at least $30 million of sales and EBITDA of at least $3 million. Glencoe Capital was formed in 1994 and is a unit of Leoville Holdings, an alternative investment manager. Glencoe Capital is based in Chicago with an additional office in Birmingham, Michigan.

DEAL STATS #
Overall 14 of 16
Sector (Education) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Michigan) 6 of 6
Country (United States) 13 of 14
Year (2017) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-08 Dialogdirect

Highland Park, Michigan, United States

Dialogdirect is a marketing and customer engagement solution provider focused on helping brands connect and engage with their customers to generate leads, increase sales and provide superior customer engagement solutions that create remarkable experiences. Company do this by creating personalized and relevant dialogue throughout the entire customer journey. Dialogdirect is based in Highland Park, Michigan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-18 Polyair Inter Pack

Toronto, Ontario, Canada

Polyair Inter Pack, Inc. is a manufacturer and marketer of protective packaging products, including air bubble packaging, mailers, foam laminates, insulation and integrated packaging systems. Polyair Inter Pack was founded in 1968 and is based in Toronto, Ontario.

Sell $146M
SELLER

Crane Street Capital

Austin, Texas, United States

Investor Investor

Category Private Equity Firm
Founded 2009
Size Small
Type Sector Agnostic
DESCRIPTION

Crane Street Capital invests in buyouts and recapitalizations of mid-sized companies across the US and Canada. Crane looks for businesses with high barriers to entry, fragmented competition, sustainable growth, and operating in large markets. Sectors of interest include education, business services, and financial services. Crane Street Capital was formed in 2009 and is based in Austin, Texas.

DEAL STATS #
Overall 1 of 2
Sector (Education) 1 of 2
Type (Secondary Buyout) 1 of 1
State (Michigan) 1 of 1
Country (United States) 1 of 2
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-30 Brain Balance Achievement Centers

San Francisco, California, United States

Brain Balance Achievement Centers is a franchisor and operator of supplemental learning centers focusing on children with learning disabilities such as ADD and ADHD. The individualized and customized programs utilize sensory-motor exercises, cognitive exercises and nutritional guidance to address the root cause of many neurobehavioral issues. Brain Balance Achievement Centers was founded in 2006 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-01 KSS Immersion Schools

Walnut Creek, California, United States

KSS Immersion Schools owns and operates language immersion preschools and elementary schools, currently teaching Spanish and Mandarin under the brand's Kids Speaking Spanish and Shu Ren International School. SS Immersion Schools is based in Walnut Creek, California.

Buy -
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