Princeton Review Selling Test-Prep Division
In an effort to focus on its online education division, The Princeton Review Inc. said it has entered into a $33 million agreement to sell its test preparation business to an affiliate of Boston-based private equity firm Charlesbank Capital Partners.
Under the agreement, all assets of the Higher Education Readiness Division, as well as the naming rights of The Princeton Review, will belong to TPR Education LLC. The sale is expected to occur within 30 to 45 days.
John M. Connolly, interim CEO of The Princeton Review, based in Framingham, noted that the missions of the Higher Education Readiness and the online Penn Foster divisions are similar, but have unique needs and growth strategies. Penn Foster offers online education that provides career-focused degree and vocational programs in allied health, business, technology, education and other trades in the United States, Canada and more than 150 other countries.
Upon completion of the sale, the holding company of Penn Foster will adopt a new name that has yet to be determined.
WBJ Web Partners
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