Princeton Review Acquires Penn Foster Education Group
The Princeton Review specializes in education preparation, best known for its courses and study guides covering the APs, SAT, GRE, and everything in between. Penn Foster Education Group, Inc., specializes in education itself, one of the United States' oldest correspondence schools best known today for its online college and high school programs. Now, these two heavy hitters in the education world are about to come together closer than ever before, thanks to a recent move made by the side of education prep.
As Boston Business Journal reports, Massachusetts-based Princeton Review filed an agreement today to buy Penn Foster Education Group for a sum of $170 million in cash. The pricey transaction is to be "financed with $155 million in debt and $30 million in equity financing from Bain Capital Venture Partners and Falcon Investment Advisors LLC, both of Boston." In the end, however, the move is expected to pay off in dividends -- executives at the Princeton Review expect that the "education-services enterprise" born of the merger will produce around $240 million in yearly revenue. That's good news for Princeton Review -- hit hard by the recession, the company posted a $1.8 million loss in August, according to the Wall Street Journal.
In spite of the merger, the college itself isn't expecting too many major changes. Operating as a wholly-owned subsidiary of the Princeton Review, Penn Foster College will be retaining both its name and its management staff -- as will the school's two other incarnations, Penn Foster Career School and Penn Foster High School. Any more word on progress will likely come within the following year:according to their filing this morning, the acquisition should finalize by the First of January.
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