US: Alpine Investors acquires FEV Tutor
San Francisco-headquartered private equity firm Alpine Investors has acquired FEV Tutor, a Boston-based K12 online tutoring platform.
Jim Tormey of Alpine will become the new chief executive at FEV Tutor, with co-founders Anirudh Baheti and Ryan Patenaude continuing in leadership roles.
Tormey joins FEV from Alpine’s CEO-in-residence programme, which allows executives to step into leadership roles within Alpine’s portfolio. He was previously president and chief executive of MidAmerica Administrative & Retirement Solutions, a third-party administrator for health and retirement benefits funding and former Alpine portfolio company.
Tormey said: “Under Anirudh and Ryan’s leadership, FEV Tutor has a demonstrated track record of success in closing achievement gaps and delivering quality outcomes for students. It’s my firm belief that despite its success to date, this business has only scratched the surface of its potential and I couldn’t be more excited to partner with the team to drive this next phase of growth and to positively impact more deserving students.”
Patenaude commented: “We’re excited to partner with Alpine for the next stage of FEV’s growth as we see a generational opportunity to impact the lives of millions of K12 students nationwide while closing ongoing achievement and equity gaps. Alpine’s ‘people first’ philosophy aligns with the DNA of our company and supports our values, which are all about doing good for people. FEV Tutor was established on the principle of being built to serve school districts at scale. Alpine’s expertise nationwide in the education space will not only help FEV Tutor extend its reach to more schools and districts, but also assist and accelerate our investments in our products, platforms, and team.”
Alpine Investors’ founding partner Mark Strauch added: “Alpine has been active in the education sector for years and our partnership with FEV Tutor is an exciting opportunity to advance further in addressing the education gap in this country. Young people of all backgrounds are struggling with Covid-related learning loss and teachers are getting burned out. As the market-leading provider of K12 tutoring, FEV Tutor has the momentum to deliver real and tangible positive outcomes on a national scale.”
Tyton Partners was exclusive financial advisor to FEV.
Alpine’s portfolio of education focused companies includes Wilson Language Training and Riverside Insights, with past investments in Perennial EdTech and McKissock Learning.