Francisco Partners to Acquire Renaissance
By Ruth Atkinson
Renaissance will continue to develop leading education technology products under new ownership
Renaissance today announced that Francisco Partners, a leading technology-focused global private equity firm, has entered into a definitive agreement to acquire Renaissance from Hellman & Friedman and its other stockholders. In conjunction with the closing, Chris Bauleke, the former CEO of myON, now a part of Renaissance, will succeed Daniel Hamburger as Chief Executive Officer of Renaissance. Hamburger will remain with the company as a Special Advisor.
“Francisco Partners is the ideal partner for Renaissance through the next stage of the company’s growth,” said Hamburger. “Their deep commitment to education and technology will help the organization deliver on our purpose of accelerating learning for all. I could not be more proud of what we’ve accomplished at Renaissance and am certain that customers, partners, and employees will be in good hands going forward.”
“It has been a pleasure to have worked alongside the purpose-driven team at Renaissance,” said Tarim Wasim, partner at Hellman & Friedman. “We thank Daniel for all his accomplishments, including leading the acquisition of myON, honing our strategy, and steering Renaissance successfully to its new owners.”
“Daniel and the Renaissance team have mapped out a clear roadmap for continuing to support districts’ personalized learning and interoperability goals,” added Jason Brein, partner at Francisco Partners. “We are excited to support this vision.”
“Renaissance has been one of the leading innovators in the education ecosystem for more than 30 years,” said Chris Bauleke. “I look forward to working with the Renaissance team to achieve its vision.”
This transaction builds on Renaissance’s recent momentum. In March, Renaissance acquired digital literacy solution provider, myON®, from Francisco Partners. myON’s extensive digital content library and literacy tools will play a key role in helping Renaissance deliver a comprehensive suite of reading solutions to educators and students. Renaissance also recently formed a strategic partnership with Houghton Mifflin Harcourt (HMH) to integrate data from its assessment-driven instruction solution, Renaissance Flow 360®, with HMH’s core curriculum programs.
By working with Francisco Partners, the organization plans to continue to evolve its solutions and expand its global presence to serve additional school districts around the world.
The transaction is expected to be closed in the second quarter of 2018, subject to the waiting period under the HSR Act and other customary closing conditions. Macquarie Capital served as exclusive financial advisor to Renaissance during the acquisition process and Simpson Thacher & Bartlett LLP acted as legal advisor to Renaissance. Barclays and Jefferies and affiliates served as Francisco Partners’ financial advisor and provided debt financing for the acquisition; Kirkland & Ellis LLP served as legal advisor to Francisco Partners.
About Francisco Partners
Francisco Partners is a leading global private equity firm, which specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised approximately $14 billion in capital and invested in nearly 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in transaction values ranging from $50 million to over $2 billion, where the firm’s deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit https://www.franciscopartners.com/.
About Hellman & Friedman
Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, H&F has raised over $35 billion of committed capital. The firm focuses on investing in outstanding business franchises and serving as a value-added partner to management in select industries including software, financial services, business & information services, healthcare, internet & media, retail & consumer, and industrials & energy. For more information on Hellman & Friedman, please visit www.hf.com.