Schulte advised Veritas Capital and Cambium Learning Group Inc. in the acquisition
Cambium Learning Group, Inc., a leading provider in education software and portfolio company of Veritas Capital, today announced that it has entered into a definitive agreement to acquire AIR Assessment, the student assessment division of the American Institutes for Research, one of the world’s largest behavioral and social science research organizations.
Launched in 2007, AIR Assessment is one of the fastest-growing brands in the assessment field. Leading the nation with its innovative design, AIR Assessment uses technology to measure student progress and provide educators and families with timely, relevant information about teaching and learning. Last school year, AIR Assessment delivered nearly 60 million online tests in more than 20 states.
AIR will invest the proceeds from the sale to expand its research, evaluation and technical assistance work in a broad range of areas, including education, health and workforce development, in the United States and internationally.
The transaction is subject to regulatory review and other customary closing conditions.
The Schulte team advising Veritas Capital and Cambium Learning Group is led by M&A and securities partner Richard Presutti (Picture) and associate Sarah Sullivan. The team also includes finance partner Ronald Risdon, employment & employee benefits partner Ian Levin, tax partner David Passey and intellectual property, sourcing & technology partner Edward Sadtler and special counsel John Garces.
Involved fees earner: John Garces – Schulte Roth & Zabel; Ian Levin – Schulte Roth & Zabel; David Passey – Schulte Roth & Zabel; Richard Presutti – Schulte Roth & Zabel; Ronald Risdon – Schulte Roth & Zabel; Edward Sadtler – Schulte Roth & Zabel; Sarah Sullivan – Schulte Roth & Zabel;
Law Firms: Schulte Roth & Zabel;