Audax Private Equity (“Audax”), announced today that it has sold Cadence Education, Inc. (“Cadence” or the “Company”) to 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 in 2007, Cadence 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, Audax Group, said, “The Cadence team has transformed the business from a regional collection 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, Chief Executive Officer, Cadence Education, said, “Audax has been tremendously valuable to Cadence throughout our partnership. We are proud of our accomplishments together and look forward to continued growth for the Company in the future.”
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 MORGAN STANLEY GLOBAL PRIVATE EQUITY
Morgan Stanley Global Private Equity, the middle-market focused private equity business of Morgan Stanley Investment Management, is a leading middle-market private equity platform that has invested capital in a broad spectrum of industries for over two decades. Morgan Stanley Global Private Equity focuses on privately negotiated equity and equity-related investments primarily in North America, as well as Europe and other regions and seeks to create value in portfolio companies primarily through operational improvement. For further information about Morgan Stanley Global Private Equity, please visit www.morganstanley.com.