BALTIMORE, MD — January 2, 2013 — Calvert School, a non-sectarian, coeducational preK-8 school located in Baltimore, MD, announced today that it had agreed to sell its distance learning business, Calvert Education Services, to an investment group led by Camden Partners Holdings, LLC. Terms were not disclosed.
Carville Collins, Chairman of the Calvert School Board of Trustees, said, “Calvert Education Services, or CES, has been a leader in distance learning for over a century. Its core business serving families remains strong, and it is an innovator in programs serving schools seeking to offer their own quality distance learning options to families in their districts. Recognizing that developing and marketing these programs requires more capital than Calvert School can provide, we have concluded that CES can better serve its customers under new ownership. We are thrilled to be working with David Warnock and Camden Partners, a local firm with a strong track record in education services investments. Confident in the prospects of CES, we will maintain a meaningful economic interest in the business.”
”Everyone associated with the new investor group is proud to be a part of continuing and extending over a century of academic excellence. We are pleased to have Calvert School as an ongoing partner in these efforts. We are providing growth capital to another remarkable Maryland business,” said David Warnock, Chairman of Camden Partners Holdings, LLC.
Signal Hill acted as the exclusive financial advisor to Calvert School in connection with this transaction.
About Calvert Education Services
Calvert Education Services began providing courses for home study in 1906 and has long had a reputation for high-quality curriculum development and support. In addition to its core home schooling products serving the pre-K through 8th grade market, CES offers distance learning programs to public, private and international schools. Through its joint venture with the Jemicy School, CES offers Verticy Learning, a complete curriculum for students who may have language based learning difficulties such as dyslexia, or who struggle to read for a variety of other reasons. For more information, see www.calvertschool.org.