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| MEDIA CONTACT |
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The Partnership for Rubenstein Associates, Inc. |
Investor Contact:
Juan Torres
Platform Learning
Phone: 646.442.2500
Email: jtorres@platformlearning.com
Media Contact:
Jennifer Moritz
Zer0 to 5ive
Phone: 646.442.2598/917.748.4006 Email: jmoritz@0to5.com
FOR IMMEDIATE RELEASE
New York, New York
August 4, 2004
PDF 25KPlatform Learning Completes $19 Million Equity and Mezzanine Financing and Expands to Five New Regions Throughout the United States
Platform Learning Inc., a national provider of supplemental educational services (SES), today announced the closing of a $19 million funding round led by Capital Resource Partners with additional funding provided by existing investor Ascend Venture Group, LLC. The New York City Investment Fund, an affiliate of the Partnership for New York City, existing investor Quad Ventures, LLC and Alpinvest Partners, a global private equity investor, also joined the round. This round, which includes $10 million in mezzanine debt and $9 million in equity financing, brings the total amount of funding raised to date by Platform Learning to more than $25 million. Platform Learning, which was founded in March 2003, will use the funding to expand its Learn-to-Succeed SM SES program across the country and pursue new growth opportunities.
Platform Learning successfully concluded programs this past year in several states throughout the Northeast, including Massachusetts, New York, New Jersey and Pennsylvania. Additionally, Platform Learning announced that it has expanded its federally-funded SES program to five new regions in California, Illinois, Michigan, and Georgia. Platform Learning will operate programs in more than nine cities this fall, including but not limited to New York, NY; Philadelphia, PA; Camden, NJ; Newark, NJ; Detroit, MI; Chicago, IL; Atlanta, GA; Los Angeles, CA; Oakland, CA; and San Francisco, CA.
"Platform Learning has gained a clear leadership position in the SES market, demonstrated through its very successful first year of operations and its nationwide expansion,” said Steve Jenks, Managing Partner of Capital Resource Partners. “We are extremely impressed with the Platform Learning leadership team and are confident in the company’s ability to capitalize on the tremendous market opportunity before it.”
“Our investment will support Platform Learning’s efforts to ensure that all New York City school children are given the opportunity to succeed, since its tutorial programs are offered free to students,” said Kathryn S. Wylde, President and CEO of the Partnership for New York City, and its affiliate, the New York City Investment Fund. "Also, Platform Learning, whose headquarters are located downtown, is helping contribute to the revitalization of Lower Manhattan."
"We are extremely pleased that Capital Resource Partners, Alpinvest Partners and the New York City Investment Fund have joined forces with Ascend Venture Group and Quad Ventures to help support the expansion of Platform Learning and our goal of providing quality supplemental educational services to students around the country,” said Eugene V. Wade , Jr., Platform Learning Chairman and CEO. “Platform Learning has undergone tremendous growth in the past year and has assembled one of the most experienced management teams in the education industry. This latest round of financing is a demonstration of our investors' confidence in our program and an acknowledgment of Platform Learning’s accomplishments.”
Founded in March 2003, Platform Learning is an approved SES provider in more than fifteen states with operations in more than nine major metropolitan regions across the country. This past fall Platform Learning launched its services in several states throughout the Northeast, including Massachusetts, New York, New Jersey and Pennsylvania. The Company served more than 13,000 students in over 90 sites during the 2003-2004 school year and plans to serve significantly more this fall.
About Platform Learning
Headquartered in New York, NY, Platform Learning is a provider of comprehensive supplemental educational services that delivers after-school, weekend and summer tutoring programs to students attending public schools that have been identified as “in need of improvement.” Platform Learning works together with parents, schools, community organizations, and local educators to implement its research-based Learn-to-Succeed SM program, which ensures that all children can become successful students by providing appropriate support, motivation and curriculum tailored to their individual needs. For more information contact Platform Learning at 646-442-2500 or visit www.platformlearning.com.
About Capital Resource Partners
Capital Resource Partners is a private capital firm with over $900 million under management through four funds. CRP invests mezzanine and equity capital for incremental acquisitions, recapitalizations, buyouts, expansion/growth, and founder's liquidity. For more information, go to www.crp.com.
About Ascend Venture Group, LLC
Ascend Venture Group, LLC ("Ascend") is a New York City based private investment firm which currently manages two private investment partnerships, Ascend Ventures, L.P. and Ascend Ventures NY, L.P., with combined commitments exceeding $55 million. Ascend primarily targets early and growth stage companies with a focus on applied technology where the Firm’s principals have expertise and strong networks. The Firm has historically leveraged the undermined opportunities presented by women and minority entrepreneurial networks to identify compelling investment opportunities. For more information, contact Ascend Venture Group at (212) 324-2222 or visit www.ascendventures.com.
About Quad Ventures
Quad Ventures LLC is a New York City based private equity firm that invests in education, training and related media businesses. It manages $100 million of capital from leading financial institutions, foundations and family groups. Quad’s principals have extensive industry expertise and have run education and media businesses, schools and a U.S. State. For more information, contact Quad Ventures at (212) 724-2200 or visit www.quadventures.com.
About The New York City Investment Fund
The New York City Investment Fund (www.nycif.org), an affiliate of the Partnership for New York City, the city's leading business organization, is the vision of Henry R. Kravis, founding partner of Kohlberg, Kravis, Roberts & Co., who serves as its Co-Chairman, along with Russell L. Carson, General Partner of Welsh, Carson, Anderson & Stowe. The Fund's goal is to mobilize the city's world financial and business leaders to help build a stronger and more diversified local economy. To that end, the Fund has built a network of top experts from the investment and corporate communities who help identify and support New York City's most promising entrepreneurs in both the for-profit and not-for-profit sectors.
About AlpInvest Partners
AlpInvest Partners is one of the largest private equity investors in the world, with more than EUR 20 billion of assets under management invested in private equity funds, direct investments and co-investments. The funds are managed by approximately 60 investment professionals from offices in Amsterdam, Antwerp, Frankfurt and New York. For more information, please visit www.alpinvest.com