NEW YORK, SAN FRANCISCO, WISCONSIN RAPIDS, Wis. November 9, 2021 – Renaissance® (“Renaissance” or the “Firm”), a worldwide chief in pre-Okay–12 academic know-how, immediately introduced its entry right into a definitive settlement for personal fairness funds managed by Blackstone (NYSE:BX; “Blackstone”) to make a big fairness funding within the Firm alongside current traders together with Francisco Companions and TPG’s The Rise Fund. Francisco Companions, a number one world funding agency that focuses on partnering with know-how companies, acquired the Firm in 2018 and can stay a significant shareholder. Blackstone’s funding shall be made by means of its flagship personal fairness car.
Based in 1986, Renaissance combines many years of expertise in assessments with personalised instruction and analytics options delivering lecturers and directors the instruments to plan, classes to show, and the sources to inspire college students to be taught. Renaissance is among the most acknowledged and trusted manufacturers in Okay-12 training serving greater than 40% of US colleges and greater than 16 million college students worldwide. The Firm’s assessment-driven, built-in tutorial ecosystem allows colleges and districts to benchmark pupil progress; train, plan, and reply to college students’ wants in real-time with personalised instruction; and provide supplemental pupil literacy and math studying software program options.
The brand new funding from Blackstone will allow the Firm to additional speed up natural progress initiatives and innovation throughout its product suite. Constructing on the platform’s progress below Francisco Companions, the funding can even allow the Firm to proceed executing on its focused acquisition technique following its current acquisitions earlier this 12 months of Lalilo, a research-based foundational literacy program; and Nearpod, a pacesetter in teacher-facilitated tutorial supply.
Chris Bauleke, CEO of Renaissance, stated: “As know-how continues to vary, and as lecturers and college students join in new methods, our dedication to empower lecturers, college students, and directors is unwavering. Now, along with Blackstone and Francisco Companions now we have much more alternative to additional our mission to speed up studying for all worldwide.”
Eli Nagler, a Senior Managing Director at Blackstone, stated: “Chris and the Renaissance crew have carried out an distinctive job constructing a subsequent technology know-how platform to satisfy the quickly evolving wants of immediately’s classroom and past – the place digital instruments play a vital position. We’re thrilled to affix with Francisco Companions to assist the continued growth of the enterprise as educators more and more leverage know-how to supply college students with personalised studying options.”
Jason Brein, Accomplice at Francisco Companions, and Alan Ni, Principal at Francisco Companions, stated: “As a number one Okay-12 edtech software program platform, Renaissance is on the forefront of creating revolutionary options that provide new methods to show and be taught throughout distant, hybrid, and in-person lecture rooms. It has been our pleasure to accomplice with Chris and the Renaissance crew over the previous few years as they’ve scaled their built-in platform and product suite to finest assist the wants of scholars, lecturers, directors, and fogeys. We’re excited to proceed our partnership and stay up for working along with Blackstone to additional assist Renaissance’s mission.”
Blackstone’s funding is a continuation of the agency’s high-conviction thematic concentrate on the fast-growing training know-how trade. It follows current investments by means of its personal fairness enterprise in Ellucian, a number one software program supplier to universities, and thru its Blackstone Development (BXG) enterprise in Articulate, a SaaS coaching and improvement platform for corporations.
Goldman Sachs & Co. LLC served as lead monetary advisor to Renaissance, Macquarie Capital additionally served as a monetary advisor and Kirkland & Ellis served as authorized advisor. SVB Know-how Funding Banking served as monetary advisor to Blackstone, and Simpson Thacher & Bartlett LLP served as authorized advisor.
As a worldwide chief in evaluation, studying, and math options for pre-Okay–12 colleges and districts, Renaissance is dedicated to offering educators with insights and sources to speed up progress and assist all college students construct a robust basis for achievement. Renaissance options attain greater than 40% of US colleges and greater than a half million college students in different areas internationally. The Renaissance portfolio consists of Star Assessments, for dependable, correct insights into Okay–12 pupil studying; myIGDIs, for correct evaluation of early studying; myON, to extend college students’ entry to high-quality studying supplies; Accelerated Reader, to assist unbiased studying observe; Freckle, for teacher-led differentiated instruction; Schoolzilla, to present educators actionable insights into traits in pupil attendance and achievement; Lalilo, to develop vital foundational abilities; and Nearpod, for teacher-facilitated tutorial supply. For extra data, go to Renaissance.com.
Blackstone is the world’s largest different asset supervisor. We search to create constructive financial influence and long-term worth for our traders, the businesses we put money into, and the communities by which we work. We do that through the use of extraordinary individuals and versatile capital to assist corporations resolve issues. Our $731 billion in belongings below administration embody funding automobiles targeted on personal fairness, actual property, public debt and fairness, life sciences, progress fairness, opportunistic, non-investment grade credit score, actual belongings and secondary funds, all on a worldwide foundation. Additional data is on the market at www.blackstone.com. Comply with Blackstone on Twitter @Blackstone.
About Francisco Companions
Francisco Companions is a number one world funding agency that focuses on partnering with know-how and technology-enabled companies. Since its launch over 20 years in the past, Francisco Companions has invested in additional than 300 know-how corporations, making it one of the energetic and longstanding traders within the know-how trade. With greater than $25 billion in belongings below administration, the agency invests in alternatives the place its deep sectoral information and operational experience may help corporations understand their full potential. For extra data on Francisco Companions, please go to www.franciscopartners.com.
About The Rise Funds
The Rise Funds are a core pillar of TPG Rise, TPG’s world influence investing platform. Based in 2016 by TPG in partnership with Bono and Jeff Skoll, The Rise Funds make investments behind influence entrepreneurs and growth-stage, excessive potential, mission-driven corporations which are targeted on reaching the United Nations’ Sustainable Improvement Objectives. The Rise Funds ship capabilities and experience throughout all kinds of sectors and nations at scale, specializing in alternatives in local weather and conservation, training, meals and agriculture, monetary know-how, healthcare, and know-how.
With greater than $12 billion in belongings throughout The Rise Funds, TPG Rise Local weather, and Evercare Well being Fund, the TPG Rise platform is the world’s largest personal markets influence investing platform dedicated to reaching measurable, constructive social and environmental outcomes alongside aggressive monetary returns. For extra data, go to www.therisefund.com or @therisefund on Instagram.