[April 07, 2014] |
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Imagine Learning Is Acquired by Weld North
PROVO, Utah --(Business Wire)--
Imagine Learning, a Utah-based language and literacy company, announced
today that it has been acquired by Weld North Holdings LLC, an
investment company led by former Kaplan, Inc CEO Jonathan Grayer. The
terms of the agreement were not disclosed. Weld North believes Imagine
Learning is poised for substantial growth in a vibrant and growing
EdTech market.
"Imagine Learning's unique game-based solution engages children, makes
it fun for them to learn, and supports teachers in their pursuit of
teaching English language and literacy skills to their students," said
Jonathan Grayer, Chairman and CEO of Weld North. "The company's
headquarters in Provo is situated in the midst of a rapidly expanding
pool of excellent talent, and it has a long runway of growth ahead. We
look forward to leveraging our expertise to facilitate that growth and
positively impact the way children are learning in the classroom."
Imagine Learning will remain in Provo, Utah, and there will be no
immediate management changes. Over the past decade, Imagine Learning has
grown from a fledgling start-up-led by founder and former CEO Susan
Preator-to a flourishing multi-million dollar company, contributing to
the thriving technology-friendly hub of Utah County. Imagine Learning is
in the process of expanding its workforce and recently secured an
additional 26,000 square feet of office space at its current location in
anticipation of continued growth. Joe Swenson, Imagine Learning CEO,
said the acquisition is evidence of Imagine Learning's strong position
in the digital education sector. "We want to recognize the incredible
efforts of our founders, all of our coworkers, and our board members,
including those fromSorenson Capital. Through their dedication and hard
work over the past 10 years, Imagine Learning has become one of the most
recognized digital English language and literacy programs in the country
for K-6 students," said Swenson.
"Imagine Learning is one of Utah's great success stories, and it has
been our pleasure to be a strategic partner during such a critical point
of the company's history," said Fraser Bullock, co-founder and Managing
Director of Sorenson Capital. "The founders' vision of helping the
children of the world achieve literacy will be bolstered by the new
partnership with Weld North, which has established its leadership in
education. We're excited to see what's next for Imagine Learning as it
continues on its journey to fulfill its worthwhile mission."
Through its educational software platform, Imagine Learning provides
language and literacy instruction to hundreds of thousands of students
throughout the United States. Imagine Learning has been a long-time Utah
education partner, serving English language learners, struggling readers
and early childhood students across the state. Finding an investor that
shares Imagine Learning's vision of helping children succeed was
critical to the Imagine Learning executive team. Weld North has
extensive educational expertise and a strong desire to grow the mission
of Imagine Learning. "We are excited about our new partnership with Weld
North. Jonathan Grayer and his team bring a wealth of experience in
digital education that will provide a launching pad for even more
significant and rapid growth," said Swenson.
Imagine Learning customers will continue to receive an excellent product
combined with unparalleled support. The Imagine Learning strategy will
remain the same. Susan Preator, founder and Executive Chairman, said,
"Imagine Learning will continue producing the best language and literacy
program for elementary students available. Our mission is to change
lives and open doors of opportunity for children everywhere. That has
always been-and will continue to be-our focus."
Throughout this transaction, BMO Capital Markets Corp. is serving as
financial advisor to Imagine Learning, and Holland & Hart, LLP is
serving as legal advisor.
About Imagine Learning
Imagine Learning delivers award-winning language and literacy solutions
to elementary students throughout the U.S. and around the world. Imagine
Learning creates educational software that uses engaging, one-on-one
instruction to meet students' individual learning needs. The software is
research-based, instructionally differentiated, and incredibly fun to
use. Also available on iPad, Imagine Learning supports a dynamic blended
learning experience.
About Weld North
Weld North is an investment company concentrating on education, health
and wellness, consumer services and marketing businesses. In partnership
with KKR, a leading global investment firm, Weld North seeks to make
control investments in businesses with high potential for long-term
growth in cash flow. With strong and highly motivated management teams,
the firm looks to accelerate growth through an obsessive focus on
enhancing the customer experience, operational excellence, marketing
expertise, and strategic and disciplined management.
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