JACKSON, Wyo.--(BUSINESS WIRE)--Greybull Stewardship (“Greybull”), a private investment firm that partners with small, established businesses to help them grow and scale, today announced it has sold Summit Professional Education (“Summit”) to Avathon Capital (“Avathon”).
Founded in 2004, Summit is a national leader in providing high quality continuing education for allied health professionals. The company provides continuing and professional education (CPE) courses nationwide for physical therapists, occupational therapists, and speech language pathologists through its expansive platform.
Since Greybull acquired the company in 2014, Summit shifted from only offering in-person courses to building out a full product mix to satisfy all learning styles – including live streams, live webinars, online courses, and podcasts. The company also launched a very successful annual subscription model, transforming its sales mix from 0% to 90% recurring revenue, and grew EBITDA by 600%.
“Over the course of our partnership, Greybull helped our company evolve to meet and anticipate the shifting demands of the CPE landscape, driving significant growth,” said Scott Vogel, President and CEO of Summit Professional Education. “Greybull’s collaboration and capital support enabled us to advance our operations and continuously strengthen our offerings. This acquisition by Avathon will build upon that progress so Summit can further innovate and scale its products.”
“Our ten-year investment in Summit epitomizes two core tenants of our approach at Greybull; first, our focus on harnessing our operational expertise to help businesses institutionalize their processes and position them for sustainable growth. And second, our commitment to serving as a long-term partner to help our portfolio companies see the operational improvements through and capture value on behalf of our fund investors,” said Mason Myers, Founder and CEO of Greybull Stewardship. “Greybull’s ten-year hold period of its Summit investment is rare in private equity, and it gave the company the runway to execute long-term strategy improvements and stability for its customers and employees. We look forward to seeing what the team accomplishes in this next chapter.”
Houlihan Lokey served as the exclusive financial advisor to Summit. Financial terms of the transaction were not disclosed.
About Summit Professional Education
Summit Professional Education is a provider of in-person and online continuing and professional education (“CPE”) courses for physical therapists and assistants, occupational therapists and assistants, and speech language pathologists. For more information, visit: summit-education.com.
About Greybull Stewardship
Greybull Stewardship is a private investment firm supporting established, small businesses on their way to scalable, and sustainable success. With decades of operational experience and financial acumen, their team of multi-disciplinary operators provides a suite of tailored resources and strategic guidance extending beyond just capital. Greybull proudly cultivates partnerships with motivated entrepreneurs to realize their full potential and confidently navigate the complexities of expansion. Founded in 2010, Greybull is headquartered in Jackson, Wyoming, with team members located throughout the U.S. to effectively support the firm’s investments. To learn more about Greybull, visit www.greybullstewardship.com.
