Clearlake Capital to Acquire Discovery Education from Francisco Partners
SANTA MONICA, CA and CHARLOTTE, NC – March 9, 2022 – Discovery Instruction, Inc., (“Discovery Education” or the “Company”), a world edtech enterprise whose digital studying software platform supports educators and improves university student accomplishment, these days announced it has entered into a definitive arrangement to be acquired by an affiliate of Clearlake Cash Group, L.P. (with each other with its affiliates, “Clearlake”). Upon closing of the transaction, Clearlake will become the majority shareholder while Francisco Associates will keep a minority equity stake. Scott Kinney, CEO of Discovery Education and learning, will continue to lead the Company supported by the current administration staff. The phrases of the transaction had been not disclosed.
Discovery Education offers K-12 digital curriculum to educators and pupils around the environment, driving scholar engagement across a wide variety of topics through interactive material, online video methods, and educating resources that deliver real-entire world finding out ordeals. The Company’s built-in finding out platform empowers instructors by offering quick lesson development, completely ready-to-use formative assessments, and personalized, information-driven recommendations from a library of academic resources. Discovery Education serves approximately 4.5 million educators and 45 million college students all over the world, and its methods are accessed in close to 100 nations around the world and territories.
“Discovery Education and learning seeks to empower educators and encourage students throughout the world as a result of electronic articles delivered by our award-successful platform. Francisco Companions has been a good companion in our pursuit of this vision, and I am grateful for their help,” reported Scott Kinney, CEO of Discovery Education. “We look ahead to Clearlake’s financial investment accelerating Discovery Education’s efforts to receive like-minded corporations that complement our portfolio. In addition, this new collaboration will enrich our efforts to deepen platform distribution, earn more of educators’ instructional time, and acquire consumers. We imagine Discovery Education and learning has a dazzling upcoming as part of the Clearlake relatives of providers.”
“We have extended admired Discovery Training as an impressive service provider of significant-quality digital curriculum to educators and college students close to the globe,” said Behdad Eghbali, Co-Founder and Controlling Husband or wife, and James Pade, Spouse and Controlling Director, of Clearlake. “We are excited to partner with Scott, the Discovery Education and learning management team, and Francisco Associates to execute on a system technique focused to supporting educators and increasing scholar achievement. We glimpse forward to utilizing our proprietary O.P.S.® price generation framework to aid the Enterprise obtain even further achievements by way of both of those organic growth and strategic acquisitions.”
“We are very happy of Discovery Education’s tremendous progress considering the fact that its spin-off from Discovery Inc.,” said Jason Brein, Associate at Francisco Partners. “We are grateful for the option to function with the Discovery Training workforce to assist college students and educators all-around the globe, and we search forward to partnering with Clearlake for the duration of the subsequent stage of expansion.”
The transaction is envisioned to shut in the 2nd quarter of 2022, pending customary regulatory approvals and closing disorders. SVB Securities acted as guide monetary advisor to Discovery Schooling. Jefferies LLC also acted as a economical advisor, with Kirkland & Ellis LLP serving as lawful advisor on the transaction. Deutsche Financial institution, J.P. Morgan and Macquarie Money acted as money advisors and Sidley Austin LLP served as legal advisor to Clearlake. Blackstone Credit rating furnished committed credit card debt financing for the transaction.
About Discovery Education
Discovery Training is the around the world edtech chief whose point out-of-the-art electronic system supports discovering where ever it will take put. By its award-winning multimedia content, educational supports, and impressive classroom applications, Discovery Education and learning aids educators supply equitable mastering ordeals engaging all pupils and supporting bigger educational achievement on a world scale. Discovery Schooling serves about 4.5 million educators and 45 million pupils globally, and its means are accessed in almost 100 countries and territories. Influenced by the world-wide media organization Discovery, Inc., Discovery Training companions with districts, states, and dependable businesses to empower lecturers with leading edtech remedies that guidance the accomplishment of all learners. Take a look at the long run of training at www.discoveryeducation.com.
About Clearlake
Clearlake Capital Team, L.P. is an expenditure organization established in 2006 working integrated firms across private fairness, credit, and other related strategies. With a sector-concentrated approach, the company seeks to partner with administration teams by delivering affected person, prolonged-term capital to dynamic corporations that can advantage from Clearlake’s operational enhancement approach, O.P.S.® The firm’s core goal sectors are engineering, industrials, and purchaser. Clearlake at this time has in excess of $60 billion of assets under management and its senior financial investment principals have led or co-led more than 300 investments. The organization has places of work in Santa Monica and Dallas. More data is offered at www.clearlake.com and on Twitter @ClearlakeCap.
About Francisco Companions
Francisco Partners is a main world wide expenditure business that specializes in partnering with engineering and technological innovation-enabled organizations. Since its start in excess of 20 many years ago, Francisco Associates has invested in around 400 technological know-how businesses, creating it one of the most energetic and longstanding buyers in the technological know-how industry. With much more than $30 billion in belongings underneath management, the organization invests in alternatives where its deep sectoral know-how and operational experience can enable firms recognize their full potential. For extra facts on Francisco Partners, make sure you take a look at www.franciscopartners.com.
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