M&A Deal Summary

The Princeton Review Acquires Penn Foster

On December 8, 2009, The Princeton Review acquired education company Penn Foster from Wicks Group for 170M USD

Acquisition Highlights
  • This is The Princeton Review’s 1st transaction in the Education sector.
  • This is The Princeton Review’s largest (disclosed) transaction.
  • This is The Princeton Review’s 1st transaction in the United States.
  • This is The Princeton Review’s 1st transaction in Pennsylvania.
Investment Fate
  • Penn Foster was recapitalized in 2014.
  • Penn Foster was sold to a consortium of financial buyers in 2018.

M&A Deal Summary

Date 2009-12-08
Target Penn Foster
Sector Education
Buyer(s) The Princeton Review
Sellers(s) Wicks Group
Deal Type Add-on Acquisition
Deal Value 170M USD

Target

Penn Foster

Scranton, Pennsylvania, United States
Penn Foster is a leading provider of high school diploma, workforce education, and training solutions. The business focuses on adult learners who seek forms of higher education to improve their career skills and employment status. Penn Foster was founded in 1890 and is based in Scranton, Pennsylvania.

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Buyer(S) 1

Buyer

The Princeton Review

Framingham, Massachusetts, United States

Category Company
Sector Education
DESCRIPTION

The Princeton Review is a proivder of test preparation and college admission services company. Every year it helps millions of college- and graduate school-bound students achieve their education and career goals through its test preparation, tutoring, and admissions services, its online resources, and its more than 150 print and digital books published by Random House LLC.


DEAL STATS #
Overall 1 of 1
Sector (Education) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 1
Year (2009) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-18 Penn Foster

Scranton, Pennsylvania, United States

Penn Foster is a leading provider of high school diploma, workforce education, and training solutions. The business focuses on adult learners who seek forms of higher education to improve their career skills and employment status. Penn Foster was founded in 1890 and is based in Scranton, Pennsylvania.

Sell -

Seller(S) 1

SELLER

Wicks Group

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Wicks Group is a private equity firm focused on selected segments of the communications, information and media industries. Wicks targets privately held or non-core divisions of large corporations with high-margins, limited competitive environment, and strong cash flow potential. Specific areas of interest include special interest publishing (trade magazines, workplace training, reference publishing, consumer magazines), business information services, (market information, specialized databases, consumer research), television broadcasting, radio broadcasting, newspapers, cable television, and outdoor advertising. The Wicks Group was formed in 1989 and is based in New York City.


DEAL STATS #
Overall 6 of 26
Sector (Education) 1 of 2
Type (Add-on Acquisition) 3 of 13
State (Pennsylvania) 1 of 2
Country (United States) 6 of 26
Year (2009) 2 of 3
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-30 Vibe Holdings

New York, New York, United States

VIBE Holdings is the parent company of VIBE Magazine, VIBE.com, Vibe Lifestyle Network, Uptown Magazine, UptownMagazine.com, UptownSocial and the iconic Soul Train entertainment franchise. VIBE Holdings is a vertical content and advertising network which represents over 25 websites, several publications, direct mail, TV shows and media platforms reaching over 19 million consumers per month. As the premier destination for urban entertainment and media, Vibe Holdings creates solutions for advertisers looking to engage consumers via music, entertainment, culture and lifestyle 18-54.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-21 Heartland Publications

Clinton, Connecticut, United States

Heartland Publications LLC is a provider of daily and weekly newspapers.

Sell -