Private equity funds managed by the Canada Pension Plan Investment Board and investment firm Blackstone will acquire the educational content provider Ascend Learning LLC from private equity funds advised by Ontario Teachers’ Pension Plan and Providence Equity Partners.
Ascend Learning, which is based in Britain and the United States, provides technology-based educational content and software tools for students, educational institutions and employers. The company’s products include admissions testing, educational content, test preparation, professional certifications and continuing education.
“We are excited to work with Blackstone and CPPIB and know their partnership will be a tremendous asset for the next phase of our company’s growth,” said Greg Sebasky, chief executive officer of Ascend Learning, in a news release. “We’re also grateful for the partnership we’ve had with Providence and Ontario Teachers’ and the outstanding growth we’ve experienced working with them.”
According to the release, the transaction is expected to close following customary closing conditions and regulatory approvals.