A-Street’s investment includes $100 million in newly issued shares, as well as $50 million in equity purchased from the nonprofit Great Minds organization, Great Minds PBC’s majority stockholder. A-Street now holds a minority stake in Great Minds PBC.
The investment is aimed at growing Great Minds’ offerings and investing in digital experiences that will be integrated into its curricula, the companies said. In addition, the funding will allow Great Minds to expand all of its existing instructional materials to be available through high school, the company said.
Former Louisiana State Superintendent of Education John White, a Great Minds PBC Board member, has been tapped to serve as the company’s new Chief Success Officer.
“We plan to leverage this new investment and John White’s leadership to further innovate, broaden our reach, and put forward new resources that personalize and improve student learning, helping all children achieve the greatness of which they’re inherently capable,” Lynne Munson, founder and CEO of Great Minds, said in a statement.
Alpine said the acquisition will provide FEV with the capital and support to expand its reach nationally. It also adds to Alpine’s growing portfolio of education-focused companies, including Wilson Language Training and Riverside Insights.
Terms of the deal were not disclosed.
“Alpine has been active in the education sector for years and our partnership with FEV Tutor is an exciting opportunity to advance further in addressing the education gap in this country,” Alpine Founding Partner Mark Strauch said in a statement, adding FEV’s work has been especially important in the wake of pandemic-related learning loss.
The announcement comes amid a surge of demand for tutoring in school districts across the United States, fueled not only by concerns about students’ academic slippage during the pandemic, but also by a wave of federal stimulus funding.
FEV offers one-on-one, 24/7 tutoring designed to meet the Every Student Succeeds Act Level Two standards.
FEV Co-founder Ryan Patenaude said in a statement that Alpine’s “expertise nationwide in the education space will not only help FEV Tutor extend its reach to more schools and districts, but also assist and accelerate our investments in our products, platforms, and team.”
The acquisition comes nearly two years after USATestprep acquired Education Galaxy and changed its name to Progress Learning.
The deal to acquire Horizon, which helps high school students get ready for SAT, PSAT, ACT, and PreACT exams, will help Progress Learning expand its high school-focused offerings, the company said.
“We’re thrilled to bring Horizon Education on board our K-12 solution,” Will Clemens, Progress Learning CEO, said. “In 2020, we identified the best elementary education solution in Education Galaxy, and now, we’re adding the best college preparation solution, Horizon Education, to our leading middle and high school product.”
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