BOSTON--(BUSINESS WIRE)--Audax Private Equity (“Audax”), announced today that it has sold Cadence Education, Inc. (“Cadence” or the “Company”) to investment funds managed by Morgan Stanley Global Private Equity. Terms of the transaction were not disclosed.
Headquartered in Scottsdale, AZ, Cadence is one of the United States’ leading providers of early childhood education focusing on children ages six weeks to twelve years old. The Company has the capacity to serve more than 20,000 students across its national platform of more than 150 schools across 20 states. Since Audax’ initial investment and partnership with Doug MacKay, Cadence’s founder, in 2007, the Company has acquired 74 schools in 28 acquisitions and opened 14 greenfield locations to expand its geographical footprint and establish its brand as a premier early childhood education provider.
Geoffrey Rehnert, Co-Chief Executive Officer of Audax Group said, “Doug MacKay, Dave Goldberg, Paul Malek and the rest of the Cadence team have transformed the business from a multi-regional presence of education centers into a scale, national platform of schools through add-on acquisitions, greenfield school development, and industry-leading systems and processes. We wish the Company continued success with its new partner.”
Dave Goldberg, CEO of Cadence said, “Audax has been tremendously valuable to Cadence throughout our partnership. We are proud of our accomplishments together and will greatly miss their exceptional team of professionals who were such a big part of our success. The future of the Company remains very bright, and we look forward to our continued growth and new partnership.”
Lazard Middle Market LLC served as exclusive financial advisors to Cadence and Audax. Goulston & Storrs PC served as legal advisor to Cadence and Audax.
ABOUT CADENCE EDUCATION
Cadence Education is a national operator of early childhood education for children six weeks to twelve years old. With over 20 years of experience, Cadence has over 150 schools across twenty states. For additional information about Cadence, please visit www.cadence-education.com
ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4 billion in 99 platform and 501 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax Group has over $10 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website www.audaxgroup.com.