Google Capital-backed K12 assessment and learning analytics company Renaissance Learning has been acquired once again by a private equity firm via a secondary buy-out. Private equity firm Hellman & Friedman has acquired the business from Permira and other investors for $1.1bn. Permira acquired it for $455m in 2011. Google invested $40m in February of this year.
The latest deal marks one of the largest acquisitions in the education technology analytics sector. Google Capital is expected to remain as an investor in Renaissance Learning.
Renaissance provides educators with the insight needed to help them unlock the learning potential of each and every student. Its learning progression includes a sequencing of skills a student must master from kindergarten to high school graduation.
Renaissance will remain headquartered in Wisconsin Rapids, Wisconsin. The transaction is expected to close in the second quarter of 2014, subject to the waiting period under the HSR Act and customary closing conditions.
Bankof America Merrill Lynch, Credit Suisse, and RBC Capital Markets acted as financial advisors to Hellman & Friedman. Simpson Thacher & Bartlett LLP acted as legal advisor to Hellman & Friedman. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to the Permira Funds.