US-based educational publisher McGraw Hill is acquiring Achieve3000, an online literacy programme that provides nonfiction reading content to students in grades pre-K to12 and focuses on building phonemic awareness, phonics, fluency, reading comprehension, vocabulary, and writing skills.
Financial terms were not disclosed and the transaction is expected to be completed in approximately 60 days.
Based in Red Bank, New Jersey and founded more than 20 years ago, Achieve3000 delivers lessons in literacy, maths, science, social studies, and English language arts and is used by teachers in all 50 US states.
McGraw Hill is a portfolio company of Platinum Equity and Achieve3000 is McGraw Hill’s first add-on acquisition since Platinum Equity acquired the company in July.
Simon Allen, chief executive of McGraw Hill, said: “This is a great opportunity to further complement our core products in pre-K to12 with supplemental and intervention solutions to help students of all ages and abilities, which has become even more important since the pandemic. With this acquisition, we will offer a wider array of outstanding digital learning materials that serve teachers, engage students and drive better learning outcomes.”
Sean Ryan, president of McGraw Hill’s school group, added: “Achieve3000 and McGraw Hill are a natural fit. The combination of our people and our products will provide more effective and compelling support for classroom teachers.”
Stuart Udell, chief executive of Achieve3000, commented: “Both organisations already share a common mission of accelerating learning for all students. By joining forces with McGraw Hill, we foresee a tremendous opportunity to expand our reach and jointly deliver a powerful learning experience to students, whether in a classroom, at home, or in a hybrid environment.”
Luke Myers, managing director at Platinum Equity, said: “We are making good on our pledge to help McGraw Hill accelerate its digital transformation, which is especially important in the K12 segment. Achieve3000 is tightly aligned with McGraw Hill’s strategic priorities, and its scale, track record and suite of digital solutions make it an ideal fit.”
Gibson, Dunn & Crutcher is legal advisor to Platinum Equity and McGraw Hill on the acquisition and Willkie Farr is providing financing counsel on the transaction. BofA Securities is the lead underwriter for the debt financing. Macquarie Capital is financial advisor to Achieve3000.
Date published: 2 September 2021