REGAINING MOMENTUM? Edmentum, a provider of online K-12 curriculum and assessments, has raised $25 million in debt financing from existing investors New Mountain Finance Corporation and Tennenbaum Capital Partners. The new funds will “allow the extension of the company’s debt maturity,” according to a press release.
Founded more than 50 years ago and formerly known as Plato Learning, the company went public in 1992 before it was acquired by private equity firm Thoma Bravo in 2010. It rebranded as Edmentum in 2012. But the company struggled financially, and underwent a recapitalization in 2015 to reduce several hundred of millions of dollars in debt. That deal gave its new lenders, including New Mountain, “substantially all of the equity in the company,” it said.
In 2017, Edmentum appointed Jamie Post Candee as its CEO. She previously served various executive roles with the company before leaving in 2014 to serve as CEO of Questar Assessment (which was sold for $127.5 million last year).
The Minneapolis-based company offers a suite of digital instructional courseware and brands, including Study Island and reading Eggs, and claims to be used in 40,000 schools across the U.S.
