Wisconsin Rapids-based Renaissance Learning Inc., a provider of technology-based school improvement and student assessment programs for K-12 schools, will be acquired by a company formed at the direction of the Permira Funds.
Permira Funds will purchase all of the outstanding shares of Renaissance Learning for $14.85 per share in cash, or approximately $440 million.
Renaissance Learning co-founders Terrance and Judith Paul, together with affiliates and members of their family, have agreed to vote the shares they control representing, in the aggregate, approximately 69 percent of the company's outstanding shares, in favor of the transaction.
"This transaction enables Renaissance Learning to expand its impact in education in the U.S. and abroad, and represents a very positive outcome for our employees, shareholders and the schools we serve," said Terrance Paul, chairman of Renaissance Learning. "We are incredibly grateful to our employees and customers who have helped to build the company and joined us on our mission to accelerate learning."
Glenn R. James, chief executive officer, added, "We are excited about our future with Permira. They share many of our values, respect our dedication to students and educators, and have the ideas, experience and global resources to assist our company in its continued aggressive growth plans."
"We are thrilled to be partnering with such a leader in education and technology," said Brian Ruder, Permira partner. "Renaissance Learning has all of the characteristics the Permira funds seek in a growth investment – leading products, a top-tier customer base, and a world-class management team. We look forward to supporting the company as it continues to innovate and advance learning outcomes around the world."
The transaction is expected to close in the fourth quarter of 2011. Following completion of the transaction, Renaissance Learning will become a privately held company and its common stock will no longer be traded on the Nasdaq exchange.
Milwaukee-based law firm Godfrey & Kahn S.C. acted as legal advisors to Renaissance Learning for the transaction.
Renaissance Learning to be acquired for $440 million
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