New Heritage Capital has sold its investment in Carnegie Dartlet, a provider of business and marketing services to colleges and universities, to Shamrock Capital.
Carnegie Dartlet specific capabilities include research, digital marketing, lead generation, financial aid optimization, and website development. The company, led by CEO Jonathan Clues, is headquartered 30 miles northwest of Boston in Westford, Massachusetts.
Carnegie Dartlet was founded in 1984 by Joe Moore and began as a print magazine focused on connecting prospective students to higher education institutions. Over the past 30 years, the company has led the college recruitment sector in transforming from print to digital marketing.
New Heritage first invested in Carnegie Dartlet in October 2020 by partnering with the company’s founders to provide them with both liquidity and capital to finance future growth.
During Heritage’s ownership term, Carnegie closed six add-on acquisitions including Underscore (May 2021), mStoner (October 2021), Maguire Associates (July 2022), National Small College Enrollment Conference (January 2023), CLARUS (March 2023), and Fire Engine RED (December 2023). Today, Carnegie Dartlet has more than 390 employees and over 750 university clients.
“Alongside Heritage, the company has built upon its modern solution for higher education customers. We’re excited to continue investing in our team, adding and integrating new capabilities, and pushing the boundaries of innovation,” said Gary Colen, the CEO of Carnegie.
“It has been a pleasure working with the Carnegie team and we are incredibly proud of what the team has been able to accomplish during our partnership,” said Nickie Norris, a senior partner at Heritage. “Heritage is solely focused on partnering with strong founder-owned businesses such as Carnegie to help them unlock their full potential – we are excited to follow their continued success.”
“Carnegie has always held the personalized, high-quality experience that it provides to its college and university partners as its highest priority,” said Mr. Moore. “Heritage enabled us to maintain this commitment, while also supporting our investment in the Carnegie team and its portfolio of solutions. It’s truly been the ideal partnership.”
Boston-based New Heritage invests from $15 million to $40 million of minority or majority equity in companies with $4 million to $20 million of EBITDA. Sectors of interest include business services, healthcare, and manufacturing. In December 2023, New Heritage held an above target and oversubscribed closing of its fourth fund, New Heritage Capital IV LP, with $438 million in capital.
Shamrock Capital has $1.9 billion of assets under management and invests from $15 million to $100 million of control or minority equity in growth capital and buyouts. Sectors of interest include media, entertainment, communications, and intellectual property. In July 2020, the firm held a final close of Shamrock Capital Content Fund II LP with $400 million of capital. The firm was founded in 1978 as the Roy E. Disney family investment company and is headquartered in Los Angeles.
R.W. Baird was the financial advisor to Carnegie Dartlet and Heritage on this transaction.
© 2024 Private Equity Professional | February 16, 2024
