Spear Education | December 20, 2022
Avista Capital Partners ("Avista"), a leading private equity firm focused exclusively on healthcare, today announced its acquisition of Spear Education ("Spear" or the "Company"), a tech-enabled provider of digital and in-person clinical training, practice analytics and consulting solutions for the dental market. Transaction terms were not disclosed. Headquartered in Scottsdale, AZ, Spear is the industry's leading dental education provider. Spear offers unmatched breadth of content including 5,000+ on-demand videos, 300+ hands on workshops annually, and 100+ study club modules. Spear's solutions enable dentists to learn higher acuity skills and generate new revenue streams, providing a high ROI to dental practices and practitioners across the spectrum of experience. Avista Partner Sriram Venkatraman, said: "Avista sees Spear as a compelling investment opportunity given its industry leadership, demonstrated growth potential and diversified business model. We look forward to leveraging our deep experience in the healthcare technology sector and dental end-market to help accelerate Spear's growth trajectory.
"Spear has achieved robust growth over the last several years, with increases in membership and the expansion of our digital content. We are well positioned to capitalize on the tremendous opportunities ahead, against the backdrop of an accelerating industry. We are thrilled to have Avista as a partner as we pursue a multi-lever expansion strategy that will result in compelling benefits for our customers, employees and the entire dental industry."
CEO of Spear Education Kaleim Manji,
Steve Schiess, an Avista Strategic Executive with over 30 years of experience in the dental industry, most recently as the CEO of Zest Dental Solutions, a former Avista portfolio company, added, "Spear offers dentists a tremendous value proposition. Spear's education and training courses enable dentists to learn new skills that drive the retention of procedures in-house which, in turn, delivers a high return on their Spear investment. We believe there are multiple opportunities to accelerate both the dental practices' and Spear's growth. Wilkie Farr & Gallagher LLP acted as legal advisor and William Blair acted as financial advisor to Avista.
About Spear Education
Spear Education is dentistry's premier source for continuing education. The company serves dentists of all clinical skill levels and transforms practices and the lives of patients by offering physical hands-on courses, extensive peer-to-peer regional learning, and comprehensive online educational tools. For more information, go to www.speareducation.com.
About Avista Capital Partners
Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $8 billion invested in more than 40 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – investing in the medical devices, pharmaceuticals, outsourced pharmaceutical services, healthcare technology, healthcare distribution and diagnostics, and consumer healthcare sectors. Avista's Strategic Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders.
EpicQuest Education Group | December 21, 2022
EpicQuest Education Group International Limited , (the "Company" or "EpicQuest Education"), a provider of comprehensive education solutions for domestic and international students interested in college and university programs in the US, Canada and the UK, today announced that on November 10, 2022, the Company expanded its international growth strategy with its signing of a non-binding Memorandum of Understanding ("MOU") with ICBT Campus of Sri Lanka ("ICBT"). The MOU articulates specific partnership programs and collaboration activities between Davis College and EduGlobal College, the Company's two colleges in which it has controlling interests, and ICBT.
"With this MOU, we are continuing to implement our strategic growth plan to enter international educational markets. We intend to develop numerous collaborative programs with renowned higher education institutions where we can achieve meaningful opportunities to enhance our students' educational experience, In the meantime, we are also looking into the potential of establishing an operating hub in Sri Lanka to facilitate our expansion into the Southeast Asia market to leverage our educational programming and unique culture of learning to include Viet Nam, Thailand, Malaysia and India. Our leadership team is on the ground in Sri Lanka to help us to execute upon our strategic growth goal to internationalize our student recruiting and academic programming for both Davis College and EduGlobal College."
Jianbo Zhang, Chairman and CEO of EpicQuest Education.
The purpose of the MOU is to establish opportunities for a formal partnership for franchising the first year of Davis College's Associate Degree academic program and EduGlobal College's university pathway foundation program, both of which are to be delivered at ICBT. Both programs would enable ICBT to issue standard internal certificates and transcripts to students who complete these respective first year studies in Sri Lanka. In addition, students who complete the first year of study of the Davis College Associate Degree program at ICBT will be offered guaranteed placement for the second year of the Associate Degree program at Davis College in the US and university placement to complete their undergraduate degrees. A vital component of EpicQuest Education's strategic growth plan is to have Davis College and EduGlobal College become increasingly involved with international collaborations in order to leverage their distinct academic programming and unique culture of learning. The Company is intent upon offering enhanced globalized learning to its students as well as pathway programs to achieve advanced university degrees. A vital component of the Company's growth plan is to build cross-border relationships and to make strategic acquisitions around the globe to establish EpicQuest Education as a truly international provider of higher learning.
About Davis College
Davis College was founded in 1858 and is a private, two-year career training college located in Toledo, Ohio. Davis College offers a specialized professional career training curriculum in the fields of business, medical, and early childhood education. The college's mission is to provide marketable skills that enhance the employability of its graduates. Davis College offers coursework flexibility to ensure program success as well as externship opportunities that provide its student population with real-world skill sets prior to graduation. In addition, Davis College has agreements with numerous four-year US universities for 'transfer pathway' programs that pave the way for students from two-year colleges to gain admission while being able to transfer their course credits. Davis College is accredited by The Higher Learning Commission and the Ohio State Board of Career Colleges and Schools with programs authorized by the Ohio Board of Higher Education. For more information, please visit https://www.daviscollege.edu/.
About EduGlobal College
EduGlobal College is a private college located in the Metro Vancouver area, British Columbia, Canada. EduGlobal College provides English language programs for international students who are seeking academic and career advancement and specializes in English for Academic Purposes (EAP) programs (also known as English as a Second Language, or ESL, programs) that focus on helping international students acquire the advanced competencies in academic English that will be necessary for them to complete their degree programs. In tandem with its EAP program, EduGlobal College offers first-year university courses and a Master's Academic Preparation Program to help prepare international students who have completed a bachelor's degree and aspire to pursue graduate studies at a Canadian university. EduGlobal College also offers students an innovative model for bridging the gap between private and public sector post-secondary education in Canada through its pathway program. EduGlobal College is approved by The Private Training Institutions Branch (PTIB) of the Ministry of Advanced Education and Skills Training in the Province of British Columbia, Canada.
Milton Hershey School | November 14, 2022
Catherine Hershey Schools for Early Learning (CHS) announced yesterday at an event at Eden Resort & Suites in Lancaster, Pennsylvania, that it will open three Early Childhood Education Centers (ECECs) in Lancaster County to serve children from birth to age 5 from economically disadvantaged and at-risk backgrounds. The cost-free Centers will be located in Lancaster City, New Danville, and Elizabethtown. At yesterday's event, Lancaster County community leaders and child advocates heard from CHS and Milton Hershey School (MHS) leadership about their approach to providing accessible early childhood education. CHS intends to support and work collaboratively with existing Lancaster County organizations to serve local children and families. City of Lancaster Mayor Danene Sorace also spoke, explaining how the addition of the CHS Centers will positively impact the broader Lancaster County community. The three CHS Centers in Lancaster County are part of a $350 million initiative to initially develop six ECECs in the state as subsidiaries of MHS. Each will offer a non-residential, year-round core early learning program with a curriculum designed to enhance children's educational, social, and emotional development. It also will provide children with nutritious meals, transportation, and other needed supplies, along with integrated support services to families of enrolled children. All of this will be provided with all costs covered to qualifying families. Yesterday's announcement was suitably made during Founders Week at MHS, which celebrates the anniversary of Milton and Catherine Hershey establishing the school 113 years ago. The Hersheys' legacy is deeply rooted in Lancaster County, making this expansion especially meaningful. Milton Hershey spent his childhood in Bart Township and, as an adult, opened the Lancaster Caramel Company. Lancaster County is also where Milton and Catherine Hershey spent the early years of their marriage and invested in the Lancaster community through their support of St. Joseph's Hospital, Franklin & Marshall College, and Catherine's service as an inaugural member of the Lancaster Charity Society.
The Lancaster County CHS Centers are expected to begin opening in 2026.
ABOUT CATHERINE HERSHEY SCHOOLS FOR EARLY LEARNING
Catherine Hershey Schools for Early Learning will provide a cost-free educational, social, and cognitive program to children from birth to age 5 from economically disadvantaged and at-risk backgrounds through the development of initially six Early Childhood Education Centers. The Centers are subsidiaries of Milton Hershey School and will be staffed and operated independently of the Milton Hershey School core model. For more information, visit chslearn.org.
ABOUT MILTON HERSHEY SCHOOL
Milton Hershey School is one of the world's best private schools, where qualifying students in pre-kindergarten through 12th grade live on campus and receive an exceptional educational experience—with all costs covered.