Msg#: 4653646 posted 12:28 pm on Mar 13, 2014 (gmt 0)
Google Capital valued Renaissance Learning at $1 billion when it put $40 million into the educational assessment company in mid-February. Just a month later, Renaissance Learning is worth $1.1 billion — to new owner Hellman & Friedman, which bought the company on Monday and is announcing the deal today.
Essentially, Renaissance is being traded from one private equity firm to another.
Previously, Permira had taken the 30-year old ed-tech player off of the public markets in 2011 by buying it for $455 million.
While it’s nice to get your cash back, this isn’t the ideal scenario for Google Capital, which would presumably have liked the company to have the time to make a bigger and better return. As such, Google Capital is expected to take another minority stake alongside the new owner, according to a Renaissance Learning spokeswoman. Details had not yet been worked out as of late Wednesday. Google Capital Funding, Renaissance Learning Sells for $1.1B [recode.net]