Going Private • Education

Leeds Equity Partners, Prospect Capital Management and Partners Group Acquire Nobel Learning Communities

On August 10, 2011, private equity firm Leeds Equity Partners, business development company Prospect Capital Management and asset manager Partners Group acquired education company Nobel Learning Communities

Acquisition Context
  • This is Leeds Equity Partners’ 6th, Prospect Capital Management’s 1st and Partners Group’s 1st transaction in the Education sector.
  • This is Leeds Equity Partners’ 11th, Prospect Capital Management’s 64th and Partners Group’s 2nd transaction in the United States.
  • This is Leeds Equity Partners’ 2nd, Prospect Capital Management’s 5th and Partners Group’s 1st transaction in Pennsylvania.
Investment Fate
  • Nobel Learning Communities was sold to a consortium of financial buyers in 2015.
  • Nobel Learning Communities was sold to a strategic buyer in 2018.

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M&A Deal Summary

Date August 10, 2011
Target Nobel Learning Communities
Sector Education
Buyer(s) Leeds Equity Partners
Prospect Capital Management
Partners Group
Deal Type Going Private

Target Company

Nobel Learning Communities

West Chester, Pennsylvania, United States
Nobel Learning Communities is a provider of preschool and K-12 education through nearly 190 nonsectarian private schools and its global private online K-12 college preparatory school. Nobel Learning serves over 25,000 students in 17 states and the District of Columbia as well as globally via its online platform. The company delivers high-quality private education through small schools and class sizes, employs qualified teachers and meets students' individual learning styles.
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Buyers Overview 3

Buyer

Leeds Equity Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 4.8B 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 Context for Buyer #
Overall 13 of 43
Sector: Education 6 of 19
Type: Going Private 2 of 2
State: Pennsylvania 2 of 2
Country: United States 11 of 39
Year: 2011 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-25 BARBRI

Dallas, Texas, United States

BARBRI is a bar exam test preparation provider serving a majority of bar exam takers each year with an alumni base of over one million people. BARBRI offers a comprehensive suite of learning solutions for higher education institutions and law-related businesses which includes U.S. bar prep, curriculum, assessment, global license preparation, online program management, and professional development. BARBRI was founded in 1967 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-14 Sagus International

Oakbrook, Illinois, United States

Sagus International, Inc., is a designer and manufacturer of furniture for the educational, hospitality and healthcare industries. Sagus' primary products include: student chairs and desks; teacher chairs, desks and file cabinets; school cafeteria and classroom tables; music room stages and risers; conference and training folding tables and caddies; and casework (custom) cabinets and tables for classrooms, laboratories and other end-uses. Sagus is headquartered in Chicago and employs approximately 600 people. Sagus operates through three divisions

Sell -
Buyer

Prospect Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Business Development Company
Founded 1988
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Prospect Capital Corporation is a publicly traded mezzanine debt and private equity firm that primarily provides non-control financing to support growth, recapitalizations, acquisitions, and development. Prospect will selectively consider control acquisitions by providing multiple levels of the capital structure. Prospect was initially formed in 1988 and went public 2004. The Firm is based in New York City.


Deal Context for Buyer #
Overall 65 of 86
Sector: Education 1 of 1
Type: Going Private 5 of 6
State: Pennsylvania 5 of 5
Country: United States 64 of 83
Year: 2011 10 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-27 Deb Shops

Philadelphia, Pennsylvania, United States

Deb Shops is a mall-based, specialty retailer of fashionable, value-priced apparel and accessories for junior females in both regular and plus sizes. Headquartered in Philadelphia, PA, the Company operates over 340 stores in the U.S. principally under two store formats: junior only and junior / plus combination.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-07 Resco Products

Pittsburgh, Pennsylvania, United States

Resco Products is a designer and manufacturer of refractory materials. Refractories are consumable materials used as protective linings for high-temperature furnaces, containers carrying molten metals, and a range of other harsh environment industrial situations. Resco Products was founded in 1946 and is based in Pittsburgh, Pennsylvania.

Sell -
Buyer

Partners Group

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1996
PE ASSETS 174.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Partners Group is a global investment management firm with a variety of funds and institutional clients. The Firm's direct investment group looks to invest in or acquire market leading companies with growth opportunities linked to technology. Partners is a hands-on investor and looks to actively support its portfolio companies with expansion, operational, and governance structure support. Partners Group was established in 1996 and is headquartered in Zug, Switzerland.


Deal Context for Buyer #
Overall 9 of 97
Sector: Education 1 of 4
Type: Going Private 1 of 2
State: Pennsylvania 1 of 4
Country: United States 2 of 39
Year: 2011 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-30 Action

Zwaagdijk-oost, Netherlands

Action is a non-food discount retailer. Its core product assortment includes decoration, DIY, garden and outdoor, household goods, multimedia, sports, stationery and hobby, toys and entertainment, food and drink, laundry and cleaning, personal care, pets, clothing and linen. Action uses large-scale procurement, flexible assortment, optimal distribution and a cost-conscious corporate culture to ensure very low prices for its customers, with the promise of "more than you expect for less than you imagine". Action was founded in 1993 and is based in Zwaagdijk-oost, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-02 Trimco Group

Herning, Denmark

Trimco Group is a global supplier of brand identity products for international fashion and sports brands. Trimco Group is the combined force of CLOTEX, LABELON, and A-TEX with more than 1,700 employees in 22 countries, serving more than 740 brand owners and 8,600 manufacturers around the world. Trimco Group was established in 1978 and is based in Herning, Denmark.

Buy -