Veritas Capital Completes Acquisition of Cambium Learning Group
December 18 2018 - 7:30AM
Business Wire
Cambium Learning® Group, Inc. (“Cambium” or the “Company”), a
leading educational technology solutions company committed to
helping all students reach their full potential, announced today
that it has completed its previously announced sale to certain
affiliates of Veritas Capital, a leading private equity investment
firm.
The Company also completed its previously announced acquisition
of VKIDZ Holdings Inc. (“VKidz”), an award winning edtech company
dedicated to helping deliver the best education to students using
digital solutions.
“We are excited to welcome the Cambium management team and
employees and look forward to supporting their many growth
opportunities ahead,” said Ramzi Musallam, CEO and Managing Partner
of Veritas Capital. “The education technology space is a key focus
area for Veritas, and we believe our partnership with Cambium will
accelerate the company’s mission of improving outcomes for
districts, educators, students and parents.”
John Campbell, Chief Executive Officer of the Company commented,
“We are thrilled to partner with Veritas Capital as we embark on
the next chapter of our long-term growth. I am proud of the
transformation we have accomplished at Cambium as we continue to
improve our product suite in terms of technology, efficacy, and
engagement. We look forward to helping even more students with the
addition of VKidz.”
“It has been our pleasure to work with John and the world-class
team at Cambium,” said David Bainbridge, Managing Director of
Veronis Suhler Stevenson (“VSS”), an affiliate of the former
majority stockholder of the Company. “Since our investment, we have
partnered with management to invest in new technology, execute
strategic acquisitions, and implement initiatives to accelerate the
Company’s growth, and are proud of the progress the Company has
made in transitioning to a digital subscription business. We thank
Cambium’s leadership and employees for their tremendous efforts and
collaboration over the years and wish them well in their next phase
of growth.”
Cambium Learning® Group’s stock will cease trading on the NASDAQ
under the ticker symbol ABCD effective today.
Macquarie Capital acted as the Company’s financial advisor and
Lowenstein Sandler LLP acted as the Company’s legal counsel in
connection with the transactions.
Schulte Roth & Zabel LLP acted as Veritas Capital’s legal
counsel in connection with the transactions.
About Cambium Learning Group
Cambium Learning® Group, Inc. is an award-winning educational
technology solutions leader dedicated to helping all students reach
their potential through individualized and differentiated
instruction. Using a research-based, personalized approach, Cambium
Learning Group, Inc. delivers SaaS resources and instructional
products that engage students and support teachers in fun,
positive, safe and scalable environments. These solutions are
provided through Learning A-Z® (online differentiated instruction
for elementary school reading, writing and science),
ExploreLearning® (online interactive math and science simulations
and a math fact fluency solution) and Voyager Sopris Learning®
(blended solutions that accelerate struggling learners to achieve
in literacy and math and professional development for teachers). We
believe that every student has unlimited potential, that teachers
matter, and that data, instruction, and practice are the keys to
success in the classroom and beyond. Come learn with us at
www.cambiumlearning.com.
About Veritas Capital
Veritas Capital is a leading private equity firm that invests in
companies that provide critical products and services, primarily
technology and technology-enabled solutions, to government and
commercial customers worldwide, including those operating in the
aerospace & defense, healthcare, technology, national security,
communications, energy, government services and education
industries. Veritas seeks to create value by strategically
transforming the companies in which it invests through organic and
inorganic means. For more information on Veritas Capital and its
current and past investments, visit www.veritascapital.com.
About VSS
Veronis Suhler Stevenson (www.vss.com) is a private investment
firm that invests in the information, education, healthcare, and
tech-enabled business services industries. VSS provides capital for
growth financings, recapitalizations, strategic acquisitions and
buyouts to lower middle market companies and management teams with
the goal of building companies organically as well as through a
focused add-on acquisition program. VSS makes privately-negotiated
investments across the capital structure and invests in situations
requiring control or non-control equity, mezzanine securities and
structured equity securities.
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version on businesswire.com: https://www.businesswire.com/news/home/20181218005160/en/
Media:Cambium Learning Group, Inc.Barbara
Bensoninvestorrelations@cambiumlearning.com
Jody Burfening/Carolyn
CapaccioLHA212-838-3777ccapaccio@lhai.com
Veritas CapitalAndrew Cole/David Millar/Julie RudnickSard
Verbinnen & Co212-687-8080VeritasCapital-SVC@sardverb.com
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