Galen Partners and Arena Capital Partners Complete Sale of EduNeering Holdings, Inc., to Kaplan, Inc.
PRINCETON, N.J., March 09, 2007 /PRNewswire/ -- Galen Partners and Arena Capital Partners are pleased to announce the completed sale of portfolio company EduNeering Holdings, Inc., to Kaplan, Inc. The transaction closed on March 6, 2007.
"EduNeering has grown from a small training company into an important provider of knowledge solutions to the healthcare, medical device, pharmaceutical and industrial sectors," said David W. Jahns, Managing Director with Galen Partners. "We are proud of our role in EduNeering's evolution and are pleased to see it become part of a company with Kaplan's reach and depth."
Arena Capital Partners' Steve McLean said, "Our investment partnership with Galen provided EduNeering with the financial resources to grow and diversify. We were confident in EduNeering's future and applaud its accomplishments."
EduNeering, a Deloitte Fast 500 Technology Company for the past three years, develops technology-enabled knowledge solutions for improving business performance and assuring regulatory compliance. EduNeering is recognized as a pioneer in the field of technology-based learning, counting among its clients many of the world's largest pharmaceutical and medical device companies, the U.S. Food and Drug Administration, and the National Institutes of Health.
Kaplan, Inc. is a leading international provider of educational and career services for individuals, schools and businesses. Kaplan, with 2005 revenue of more than $1.4 billion, is a subsidiary of The Washington Post Company .
Under terms of the acquisition, EduNeering will be renamed Kaplan EduNeering and will retain its current management team. It will join the Kaplan Professional division, a provider of education and compliance services in the fields of securities, insurance and real estate.
Robert W. Baird & Co. (www.rwbaird.com) acted as financial advisor to EduNeering on the transaction. Morgan, Lewis & Bockius LLP (www.morganlewis.com) provided legal counsel.
About Galen Partners (www.galen.com)
Galen Partners is a private equity firm, founded in 1990 and focused exclusively on providing equity financing to mid-to-later stage growth companies in the healthcare industry. With $648 million under management raised through four funds, Galen has invested in more than 60 companies. The firm emphasizes investments within medical device, technology-enabled outsourcing services and specialty pharmaceutical sectors. Over the past sixteen years, Galen Partners has been particularly adept at identifying, backing and developing future trend-setting, industry leaders including: Pyxis Corporation (a Cardinal Health company), Encore Medical Corporation, Lumenos, Inc. (a Wellpoint company), Ocular Sciences, Inc. (a CooperVision company), MiniMed, Inc. (a Medtronic company), Medicode, Inc. (a United Healthcare company), Stericycle, Inc. and MedAssets, Inc.
About Arena Capital Partners LLC (www.arenafund.com)
Arena Capital Partners is a private equity firm that invests in both established companies and developing businesses through structures including leveraged buyouts, structured preferred stock and common equity. The company's capital commitments range from $2 million to $25 million or greater in four targeted industries: education and training, information and financial services, consumer goods, and services.
CONTACT: Ellen Leinfuss of EduNeering Holdings, Inc., +1-609-627-5390
Web site: http://www.eduneering.com/http://www.rwbaird.com/http://www.galen.com/http://www.arenafund.com/
Ticker Symbol: (NYSE:WPO)
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