International private equity firm, Cinven, today announces that it has signed up to the Greater Share Education Fund, a first-of-its-kind philanthropic investment model, harnessing the expertise of some of the world’s top performing private equity funds and highest impact educational NGOs to address the significant need in the global education field.

 The Greater Share Education Fund (‘GSEF’ or the ‘Fund’) is a fund-of-funds investment vehicle with the intention of attracting committed capital from a broad range of investors (Limited Partners or ‘LPs’).  This committed capital will then be invested in underlying private equity funds specially selected by Greater Share’s investment committee.

The returns generated by the GSEF will be split between the LPs of the Fund and NGOs who will receive a significant proportion.

Meanwhile, Cinven – alongside the other private equity funds selected for commitments by GSEF – will donate fees and any carry, in proportion to the investment made in the fund by GSEF, also to be distributed to the selected NGOs. This will create a multiplier effect on donations, providing NGOs with long-term, unrestricted funding to scale their impact.

The NGOs will also benefit from ongoing strategic, operational and legal assistance from Greater Share’s community of supporters, further building their ability to improve outcomes for children and reduce inequality by closing the education gap.

Eight high impact education NGOs, identified through a rigorous selection process, with a track record of using evidence-based child-centric models to transform children’s learning, will receive sustainable, long-term funding from Greater Share.

Stuart McAlpine, Managing Partner at Cinven, said:

“Cinven is delighted to join Greater Share in tackling the significant global challenge of transforming education for children in under-served communities across the world.  Cinven will join the initial group of private equity firms committed to the Greater Share Education Fund and leverage the Greater Share’s innovative investment model to maximise the philanthropic impact of investments in its Funds.

“Alongside the Cinven Foundation, founded in 2008, today’s announcement is the most recent example of Cinven’s commitment to effecting positive change in the communities in which we operate and more broadly.”

The eight NGOs which will receive long-term funding from Greater Share are:

• aeioTU | transforming communities through developing children’s potential in innovative and sustainable ways in Latin America
• CAMFED | providing opportunities for women and girls in Sub-Saharan Africa
• Kaivalya | building the motivation and capacity of education system leaders in India
• KIPP | operating a network of high-quality public charter schools in financially under-resourced communities in the US
• London Early Years Foundation | providing access to high quality, affordable early childhood education and care in London
• The National Institute for Student Success |increasing college attainment while reducing equity gaps in the US
• Teach For All |developing collective leadership to ensure all children can fulfil their potential globally
• West London Zone | supporting children and young people in the UK to build the relationships and skills to thrive in adulthood.

Norlandia Preschools AS (“Norlandia”) has signed an agreement to purchase the Norwegian preschool chain Gnist Barnehager AS (“Gnist”) from the founders of the chain and Altor Fund IV (“Altor”).

Gnist is a private Norwegian preschool chain with a strong pedagogical platform, with a particular focus on a systematic approach to operations, supported by good practices. This ensures high and consistent quality in all Gnist preschools, with a focus on the child’s individual needs and close cooperation with highly satisfied parents.

Gnist Kindergartens currently owns 17 kindergartens in Møre og Romsdal, Trøndelag, Vestland and Viken.

“We are pleased that the Gnist will be part of our organization,” says Kristin Voldsnes, division director for Norlandia. “The competence and commitment that is clear among the employees bodes well for a continued, high-quality daycare operation”, Voldsnes continues. She adds: “We look forward to welcoming all Gnist employees to a community where we seek to continue the good work at Gnist, as well as further develop the daycare offer for the benefit of children, parents and employees.”

“I am sure that with the professional foundation and long-term approach that has been a hallmark of Norlandia; children, employees and parents will find that this transition will be characterized by continuity and stability,” says Lill Nyseter Kortgaard, CEO of Gnist.

Maria Tallaksen, partner in Altor added: “Gnist offers a great experience for 1,800 children and their parents around Norway. It has been a privilege to work with management and Kjersti and Bjørn Grønmyr to further develop this company. As part of Norlandia, Gnist will become part of an even larger professional pedagogical environment to further develop the service offer.”

The transaction is subject to customary regulatory requirements and approvals.

For more information, please contact:
Kristin Voldsnes, Division Director Norlandia, Tel +47 416 92 791
Tor Krusell, Head of Communications, Altor, Tel +46 8 512 516 01, Mobile +46 705 43 87 47

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are OX2, Sonion, PIAB, Ålö, Dynapac, Gunnebo, and Norican Group.

Following an unprecedented year of transformation in instructional delivery, Revolution Prep receives growth investment to expand its offering and increase access to world-class online tutoring

Revolution Prep (or the “Company”), a leading national provider of online academic tutoring and test preparation services, today announced that the Apax Digital Fund (“ADF”) will invest in the Company. The new investment will help Revolution Prep further enhance its online learning platform and expand its offering to make professional tutors available to more students in the United States and beyond.

Revolution Prep pioneered the use of technology to deliver high-quality tutoring tailored to individual student needs, with the goal of providing an engaging and consistently excellent student experience. Over 20 years in business, Revolution Prep has helped more than 1 million families in achieving academic success, helping improve grades and building confidence in students. Revolution Prep is distinguished by its community of professional tutors who are all full-time employees, recruited through a highly selective screening process and receiving hundreds of hours of continuous training.

Revolution Prep has a strong social mission, with a longstanding commitment to serve all families regardless of ability to pay. The Company’s scalable geographic model means they can reach communities that otherwise would not have had access to the same breadth of expertise and range of experienced tutors. Integrity and fairness are core Company values, rooted in a belief that doing the right thing for students matters more than a grade or score.

With its industry-leading digital delivery model and access to the top tutors in the country, Revolution Prep was well-positioned to support partner schools, families and students on their academic journeys as the Covid-19 pandemic took hold, accelerating the shift to online learning.

Co-founders Ramit Varma and Jake Neuberg said, “Revolution Prep has always believed in building capacity, competence, and confidence in students, preparing them not just for the next test but for the next academic achievement. We are very proud of the work that Matt and the team have done to help position us for the future.  Apax is the perfect partner for Revolution Prep’s next chapter, and we are excited to remain actively involved on the Board of Directors.”

Matt Kirchner, CEO of Revolution Prep, added: “The pandemic has accelerated the shift from traditional to online learning and we’re continuing to see strong demand even as society is re-opening. The attractiveness of on-demand access to professional tutors that can work around students’ schedules will only continue and we are thrilled to partner with Apax Digital on the next stage of our journey. Their investment will support an acceleration of our key growth priorities, including scaling up the more affordable small group tutoring format and the strategic expansion into the middle school tutoring segment, supporting families earlier in their academic journeys.”

“As suggested by its name, Revolution Prep is truly revolutionizing the way students and schools access online learning. Their cutting-edge technology platform, longstanding partnerships with schools, and the breadth and expertise of their tutors are helping students across the U.S. improve their grades and position them to access and excel in higher education,” said Marcelo Gigliani, Managing Partner of Apax Digital. “Revolution Prep is a stand-out player with a reputation for quality and results in a market that has rapidly moved online,” added Zach Fuchs, Principal at Apax Digital. “We look forward to supporting Matt and his team as they continue to establish Revolution Prep as the premier brand in online tutoring.”

Education technology industry veteran Scott Kirkpatrick will continue to advise the Company on its Board of Directors. Kirkpatrick currently serves as CEO of the educational content platform BrainPOP. He formerly served as Executive Vice President of HMH, President of The Princeton Review until its acquisition by IAC, and President and COO of General Assembly until its acquisition by the Adecco Group.

Lincoln International served as exclusive financial adviser to Revolution Prep in connection with the transaction.