Charlesbank Exits The Princeton Review
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Charlesbank Exits The Princeton Review

princeton review nf1The Princeton Review, a portfolio company of Charlesbank Capital Partners, has signed an agreement to be acquired by Tutor.com, an operating subsidiary of IAC (NASDAQ: IACI).  The transaction is expected to close on August 1, 2014.

klevens nf1“Together with the talented and dedicated management team at The Princeton Review, we have achieved terrific results over the past two years and generated an attractive return for our investors,” said Josh Klevens, a Managing Director of Charlesbank. “We are pleased to leave the company well-positioned for continued growth and wish them every success as they begin their next chapter under Tutor.com.”

The Princeton Review, acquired by Charlesbank in May 2012, is a provider of test preparation courses and materials for prospective undergraduate and graduate students. Its test preparation services are offered online and in person by a network of more than 5,000 teachers and tutors. The majority of classes prepare students for standardized tests, such as the SAT, ACT, MCAT, GRE, GMAT and LSAT. Princeton Review also offers more than 185 print and software titles on test preparation, academic admissions and related topics. The company is headquartered west of Boston in Natick, MA (www.princetonreview.com).

Charlesbank Capital Partners invests in management-led buyouts and growth capital financings, typically investing from $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm has $2 billion of capital under management and has offices in Boston and New York (www.charlesbank.com).

“We are very proud of what we accomplished during our partnership with Charlesbank,” said Deborah Ellinger, Chairman and CEO of The Princeton Review. “Under their leadership we completed two strategic acquisitions, expanded our capabilities and customer base, built on our reputation for great customer service and helped even more students find their way to their best-fit college or grad school. We now look forward to working with Tutor.com and IAC, whose support will allow us to continue offering top-tier service while expanding our services and our customer base.”

2014 PEPD • Private Equity’s Leading News Magazine • 7-30-14

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