ProvEquity pays $570M for Study Group

PROVIDENCE – Providence Equity Partners has acquired Australian education company Study Group for $570 million from current owners CHAMP Private Equity and Peterson Investments.
Rhode Island-based ProvEquity said Study Group was a good fit alongside the private equity firm’s other education holdings, Assessment Technologies Institute, Archipelago Learning, Edline and Education Management Corp.
Study Group, a private education provider, said it has more than 55,000 students at 38 campuses in the United States, the United Kingdom, Australia and New Zealand.
The company’s executive chairman and founder Arvid Petersen has been shifted to non-executive chairman and will continue as a shareholder.
Goldman Sachs served as financial adviser to Providence. Credit Suisse and Deutsche Bank were financial advisers for Study Group.
Providence Equity Partners Inc. is a global private investment firm – based in Providence, with offices in Los Angeles, New York City, London, Hong Kong and New Delhi. The firm has invested in more than 100 companies, operating in nearly two dozen nations, since its founding in 1989. Additional information is available at www.ProvEquity.com.