Investcorp Announces Sale of Nobel Learning Communities

Bahrain, August 1, 2018 – Investcorp, a leading global provider and manager of alternative investments, today announced it has completed the sale of Nobel Learning Communities, one of the leading providers of private education in the United States (from pre-school up to high school), to Spring Education Group, the leading PreK-12 private school operator in the United States and portfolio company of Primavera Capital Group, a leading Asia-based investment firm. The terms of the transaction were not disclosed.

Founded in 1984, Nobel Learning operates a network of over 190 private schools across 19 states in the United States. Nobel Learning schools are known nationwide for their commitment to quality private education through small class sizes, qualified teachers, and personalized learning plans. The company also has an accredited online private school, Laurel Springs, that offers college preparatory programs to students from over 80 countries worldwide. With over 25,000 students, Nobel Learning is one of the largest private school operators in North America.

Since acquiring Nobel Learning in 2015, Investcorp has worked closely with the company to achieve significant growth, acquiring 25 schools, opening 9 greenfields, and driving organic enrollment thereby collectively achieving EBITDA growth of over 50 percent during its period of ownership.

“We are pleased to have helped consolidate Nobel Learning’s leadership in the industry by investing further in the schools and their programs,” said Maud Brown, Managing Director, Corporate Investment North America at Investcorp. “Nobel Learning enjoys a stellar reputation for excellence in the industry and it has been a pleasure to work alongside CEO George Bernstein, the management team and the Nobel Learning community over the past three years. We congratulate them on their achievements.”

George Bernstein CEO of Nobel Learning Communities said "One of the critical factors in our success has been the wonderful relationship that our management team had with Investcorp and the strong board they built. The Investcorp team was always supportive and yet challenged us to improve our strategy and measurements in a way that helped generate increased value. Investcorp took the time to understand our business, schools and culture and became a true partner to our management team."

Investcorp has an experienced history of investment in the education sector. In 2012, Investcorp acquired GL Education, one of the leading providers of educational assessments globally, and later announced its sale in 2016. Additionally, in 2017, Investcorp Technology Partners acquired Impero, one of the leading providers of online student safety, classroom and school network management software in the UK. Investcorp is dedicated to continuing to invest in education companies, utilizing the team’s experience, expertise and resources to seek to create value in its portfolio companies.

In the United States, Investcorp looks to invest in high growth and cash flow generative mid-sized companies with experienced management teams. Investcorp focuses its investment efforts on many sectors including Technology Enabled Services, Knowledge & Professional Services, Industrial Services, Distribution & Logistics, Data & Information Services and Consumer & Retail. Earlier this year in the United States, Investcorp acquired KSI Trading Corp. (KSI), a supplier of aftermarket auto body parts, and ICR, which is one of the leading strategic communications and advisory firms in the US.

Globally, Investcorp’s corporate investment business has over 30 years of investing in mid-market companies across North America, Europe and the MENA region. With more than $41 billion in transaction value, Investcorp’s past and present portfolios include more than 175 investments across a range of sectors.

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