Education Technology
Coverage Report
“Market Intelligence for Business Owners”
Capstone Partners
Investment Banking Advisors
BOSTON | CHICAGO | LONDON | LOS ANGELES | PHILADELPHIA | SAN DIEGO | SILICON VALLEY
Q2 2013
Education Technology
Coverage Report
MERGER & ACQUISITION ACTIVITY
CAPSTONE PARTNERS LLC
176 Federal Street
3rd Floor
Boston, MA 02110
Mergers & acquisitions in the education technology industry remained elevated in 2012,
with an estimated 48 transactions completed in the sector. Through mid‐May of 2013,
there have been 21 transactions closed, indicating the industry is on‐track for another
strong showing this year. Target companies include both large and established
businesses as well as those in the early stages of development.
Education Technology Transactions
www.capstonellc.com
60
57
51
50
44
Education Technology
Contacts
Jacob Voorhees
Director, Principal
Head of Education Practice
(617) 619‐3323
jvoorhees@capstonellc.com
David Michaels
Managing Director
Head of Technology Practice
(858) 926‐5950
dmichaels@capstonellc.com
Sophea Chau
Vice President
(617) 619‐3307
schau@capstonellc.com
Daniel Schultz
Vice President
(617) 619‐3368
dschultz@capstonellc.com
48
43
40
35
30
21
20
10
0
2007
2008
2009
2010
2011
2012
YTD 2013
Sources: Capital IQ; CB Insights and Capstone Partners LLC research
YTD through May 31, 2013
Historically, M&A activity in the industry has been hampered somewhat by targets that
were either too small or negatively affected by the recession and the very tight funding
environment in education. Furthermore, many companies in the space have struggled to
overcome a prolonged sales cycle and complex procurement systems that can make the
market difficult to penetrate. The very nature of the business has created innovative and
entrepreneurial companies, but the operating environment has made it challenging for
these companies to reach their full potential.
Industry pundits believe the edtech industry may have reached the tipping point, where
market demand and adoption is coalescing with maturing technologies and companies to
create a new era of rapid growth, which in turn will prompt a new wave of mergers and
acquisitions in the industry. In addition to these market‐specific conditions, M&A activity
in the space should benefit from macro factors that include a more stable economy,
corporate and private equity buyers with ready access to cash, a favorable borrowing
climate with available acquisition financing and low interest rates, and rising business
valuations. Considering these market‐specific and macro factors, Capstone expects M&A
activity in the edtech industry to accelerate for the remainder of 2013 and in the coming
year.
1
Q2 2013
Education Technology
EDTECH TRENDS DRIVE MERGERS & ACQUISITIONS
The edtech space is evolving at an increasingly rapid rate, presenting abundant opportunities for mergers and acquisitions as companies and investors position themselves to capitalize on the trends that are underpinning the market.
There is a massive transformation taking place in the education market and
technology is accelerating its transition, with the ultimate goal of a richer learning
experience at a lower cost. As a result, the edtech space is evolving at an
increasingly rapid rate, presenting abundant opportunities for mergers and
acquisitions as companies and investors position themselves to capitalize on the
trends that are underpinning the market. These trends include the following:
Providing educational services that are individualized, yet widely available. This is
an on‐going goal that will take many years to achieve. Buyers are attracted to
companies with supporting expertise, including:
 Artificial intelligence and other technologies that enable personalized and
adaptive learning, with instruction tailored to the skill level and needs of
each individual student.
 On‐line courses and programs for traditional schools, as well as entirely‐
online schools so students can learn when and where they want.
 Support services such as virtual one‐to‐one student counseling and
personalized tutoring.
 Open Educational Resources (OERs) and Massive Open Online Courses
(MOOCs), designed to enable both students and teachers.
Creating technology‐based tools that support the new education paradigm. An
education that is flexible and collaborative requires sophisticated support tools and
technology, such as the following:
 Use of social media to enable idea sharing, as well as communications
between educators, administrators, students and the community at large.
 An increased use of educational games, which are gaining acceptance as a
learning tool and are helping to engage students in learning.
 Better analytics, including both cross‐platform “big data” to help improve
educational outcomes, as well as student‐specific evaluations.
 Security solutions that will address the ever‐growing security and privacy
threats inherent with cloud and mobile computing.
 Features like touch screen, voice recognition and verbal commands that
students are accustomed to and now expect in the education realm.
Building the infrastructure to allow for widespread deliverability. With “mobile” at
its core to allow students to learn when and where they want, the new education
model includes the following:
 Cloud computing to allow for greater availability, flexibility, reliability and
collaboration while promoting lower IT and application costs.
 A move towards BYOD models to save money while allowing students to
learn on their preferred mobile platform.
 E‐books and open textbooks that can help reduce costs while customizing
content.
 The increased adoption of apps for laptops, tablets and smartphones
used for marketing, information dissemination and notifications.
2
Q2 2013
Education Technology
M&A ACTIVITY EXTENDS ACROSS VARIOUS SEGMENTS & BUYER TYPES
Among such corporate acquirers, we are observing a bit of a land grab, as buyers make strategic acquisitions to establish or strengthen their position in the market. The edtech industry is highly fragmented and largely composed of small to mid‐sized
companies, many of which are just now reaching the critical mass necessary to
attract buyer interest. At the same time, the space is evolving rapidly with students
and educators demanding both efficient and effective solutions. As a result,
companies in the industry are realizing the need to partner with, or acquire, industry
players in order to keep up with the changes in the space and to offer a competitive
product or service.
Edtech continues to attract buyers from within the industry, as well as from
traditional education companies who are feeling the edtech pressure. For instance,
educational publishing giant, Pearson, has been buying and incubating promising
edtech startups to help Pearson compete in the increasingly tech‐influenced
educational market. Last May, Pearson acquired Certiport, a maker of IT and digital
literacy products, for $140 million, followed by the acquisition of online learning
services provider EmbanetCompass for $650 million. Pearson also has a stake in
Nook Media and TutorVista, and is launching its own Edtech incubator program.
Other examples of publisher acquisitions in the space include the purchase of Deltak
Edu by John Wiley & Sons for $220 million, and the purchase of Tribal Nova by
Houghton Mifflin Harcourt.
We have also seen corporate buyer interest from outside the education industry, as
witnessed by the acquisition of Tutor.com by media and Internet giant, IAC and the
purchase of LearnLive by Thomson Reuters, a leading source of information for
businesses and professionals. Among such corporate acquirers, we are observing a
bit of a land grab, as buyers make strategic acquisitions to establish or strengthen
their position in the market.
The private equity community has also been very active in the edtech space,
attracted by the growth potential of the sector. Vista Equity Partners has been the
most active private equity group in the sector recently. Vista completed a buyout of
Essential Learning, LLC in March 2012 and acquired Silverchair Learning Systems in
May 2012. The two businesses were merged and the combined company was
renamed Relias Learning, LLC. Relias then acquired Care2Learn in May 2013. Several
other prominent private equity firms have holdings in the edtech industry, including
Providence Equity (Blackboard), Thoma Bravo (Archipelago Learning, Inc.) and Weld
North Holdings (JBHM Education Group, e2020 and The Learning House).
The following table of selected transactions in the industry shows that buyers are
interested in a variety of opportunities in the edtech space, from companies that
develop and provide technology to the technology‐enabled providers themselves.
There have been acquisitions in every segment of the industry, including content,
infrastructure, delivery, and assessment tools. Valuation multiples in the industry are
robust, indicating that many of these companies are not acquired based on their
current operating results, but rather for their potential to better position the buyer
for future growth as the industry evolves. The following table exemplifies the
heightened level and wide range of activity in the edtech space.
3
Q2 2013
Education Technology
SELECT EDUCATION TECHNOLOGY M&A TRANSACTIONS
Enterprise
Value (mm)
EV / LTM
Date
Target
Acquiror
Target Business Description
Revenue EBITDA
5/06/13
Online HealthNow, Inc. (dba Care2Learn)
Relias Learning, LLC
Provides online continuing education and healthcare compliance training solutions to the healthcare industry.
‐
‐
‐
4/23/13
ThinkBinder
Echo360
A communication/collaboration app where students and teachers create online study groups and share files, links and whiteboards.
‐
‐
‐
4/23/13
NewMindsets Inc.
ClevrU Corporation
An online publisher.
‐
‐
‐
4/22/13
Learning Catalytics
Pearson plc
A cloud‐based system, allows educators to create interactive questions for students to answer with a laptop or mobile device. ‐
‐
‐
4/16/13
Tricore, Inc.
Dowden Health Media, Inc.
An adult learning company, provides customized educational, marketing and training solutions, including online.
‐
‐
‐
4/14/13
Sakai (division of rSmart)
Asahi Net International
A learning management system with users at 350 academic & commercial institutions worldwide.
‐
‐
‐
4/13/13
Tribal Nova, Inc.
Houghton Mifflin Harcourt
Publishes educational programs, games and apps for pre‐K and operates online learning portals.
‐
‐
‐
4/08/13
Mendeley Ltd.
Elsevier B.V.
Offers researchers and students a social network to search for and share research papers and articles.
$85.0
‐
‐
4/01/13
LiveMocha, Inc.
Rosetta Stone Ltd.
Operates an online language learning community.
$8.5 2.4x ‐
3/22/13
PlaySay
Babbel
Develops mobile language learning tools.
‐
‐
‐
3/22/13
McGraw‐Hill Education, Inc.
Apollo Global Management, LLC Offers educational materials and learning solutions for students, instructors, professionals and institutions.
$2,548.0 1.2x 6.9x 3/18/13
SchoolRack
Leading Capital
A learning management system for class sites with discussion boards, grades, assignments, and parent and student messaging. ‐
‐
‐
3/15/13
Lore Noodle Education
A learning management system primarily for the higher education market.
‐
‐
‐
3/08/13
Wiggio Inc.
Desire2Learn Incorporated
Provides an online group collaboration tool used by college students.
‐
‐
‐
3/05/13
Root‐1, Inc.
Edmodo, Inc.
Develops practice‐based learning solutions.
‐
‐
‐
2/28/13
Silverpoint
Finalsite
Provides web design, development and support services to K‐12
and college clients.
‐
‐
‐
2/10/13
ActiveGrade, LLC
Haiku Learning Systems
Offers a web‐based gradebook for standards‐based grading.
‐
‐
‐
1/24/13
Degree Compass
Desire2Learn Incorporated
Offers a virtual and adaptive counseling tool that helps students complete their degrees on time. ‐
‐
‐
1/07/13
Tutor.com
InterActiveCorp (IAC)
An online site for anywhere, anytime 1:1 help for K‐12 subjects, AP courses, test prep and writing assistance. ‐
‐
‐
1/02/13
Calvert Education Services
Camden Partners Holdings, LLC
Operates a 100‐year‐old distance learning business.
‐
‐
‐
12/31/12
LearnLive
Technologies, Inc.
Thomson Reuters Corporation A platform that automates the delivery, management & certification of accredited eLearning programs for accounting & legal firms.
‐
‐
‐
12/03/12 NetLearning, Inc.
Call24, Inc.
Provides eLearning solutions to healthcare professionals.
‐
‐
‐
11/21/12 EmbanetCompass, LLC
Pearson plc
Develops and support online degree and learning programs in North America.
$650.0 ‐
‐
11/12/12 Digital University, Inc.
TrainCo Holdings Corporation, LLC
Provides online training and education to professionals in the financial industry.
‐
‐
‐
11/12/12 LectureTools Inc.
Echo360
Offers a suite of student response system, presentation and study tools, and assessment tracking geared for college classrooms.
‐
‐
‐
11/07/12 Sapling Learning, Inc.
Macmillan New Ventures LLC
Develops software for instructor requirements for educational content development, student assessment and online instruction.
‐
‐
‐
11/07/12
Computer Software Innovations, Inc.
Harris Computer Systems, Inc.
Provides lesson planning software and cloud‐based communication and collaboration solutions to the K‐12 market.
$17.9 0.3x 11/05/12
Efficient Learning Systems, Inc.
John Wiley & Sons Inc. An e‐learning system provider in areas like professional finance and accounting.
$24.0
‐
‐
11/01/12 Epsilen, LLC
ConnectEdu, Inc.
Offers eLearning solutions for higher education institutions.
‐
‐
‐
10/31/12 Varitronics, LLC
Renaissance Equity Partners
Provides education technology solutions.
$8.4 ‐
‐
10.9x 4
Q2 2013
Education Technology
SELECT EDUCATION TECHNOLOGY M&A TRANSACTIONS (CONTINUED)
Date
Target
Enterprise
Value (mm)
EV / LTM
Acquiror
Target Business Description
Revenue EBITDA
10/25/12 Deltak edu, Inc.
John Wiley & Sons Inc. Designs and develops online learning and higher education programs.
$220.0 4.1x ‐
10/23/12 Pan Am Education LLC
Pivotal Group, Inc.
Provides online English language training around the world.
‐
‐
‐
9/26/12
TextTheMob and ClassMetric
Poll Everywhere
Learning management systems that provide real‐time data on student understanding and comprehension.
‐
‐
‐
9/24/12
JBHM Education Group, LLC
Weld North LLC
Provides professional development services for schools and teachers for tech integration. ‐
‐
‐
‐
‐
‐
‐
‐
‐
$53.8 6.5x ‐
9/19/12
EmCert Incorporated
Medic‐CE.com, LLC
Provides e‐learning and continuing education solutions for emergency medical services and fire/rescue professionals.
9/10/12
ValoreBooks
SimpleTuition, Inc.
Operates an online marketplace for new and used textbook purchases and rentals.
8/07/12
Campus Labs, LLC
Higher One Holdings, Inc. Provides software for assessment in higher education.
8/01/12
Key Curriculum Press, Inc.
McGraw‐Hill Education, Inc.
Develops and publishes math instructional materials and software for elementary, middle and high school mathematics teachers.
‐
‐
‐
7/26/12
Liaison International, Inc.
Polaris Partners
Provides IT products and services to institutions of higher education.
‐
‐
‐
6/10/12
OnlineEducation.com LLC QuinStreet, Inc. Provides online education services.
‐
‐
‐
5/28/12
Global English Corporation
Pearson plc
A provider of cloud‐based, on‐demand business English learning, assessment and performance support software. $90.0
‐
‐
5/18/12
Princeton Review Inc., Higher Ed. Readiness
Charlesbank Capital Partners, LLC
Provides in‐person and online test preparation courses, including classroom‐based and small group instruction and individual tutoring.
$33.0 ‐
‐
5/17/12
Archipelago Learning, Inc. PLATO Learning, Inc.
Provides subscription‐based software‐as‐a‐service education products for K‐12 and college students.
$301.0 4.1x
13.7x 5/16/12
Certiport, Inc.
Pearson plc
Provides performance‐based certification practice test and program management solutions to academic institutions and IT professionals.
$140.0
2.9x
‐
5/09/12
Intel‐Assess, Inc. Wireless Generation
Develops assessment programs for school districts. (nka Amplify Education, Inc.)
‐
‐
‐
5/04/12
Silverchair Learning Systems, LLC
Vista Equity Partners
Provides training and education programs for employees in senior care organizations in the United States.
‐
‐
‐
5/09/12
GoGo Lingo
Rosetta Stone Ltd.
Provides a gameful learning environment aimed at motivating 3‐7 year olds to learn and practice languages. ‐
‐
‐
4/16/12
Sophia Learning, LLC
Capella University, Inc.
Operates an online social learning community that helps students to learn in their own way.
‐
‐
‐
4/11/12
Atomic Learning, Inc.
Boathouse Capital; Renovus Capital Partners
Provides tech integration training for K‐12 and colleges. $19.0
‐
‐
‐
‐
‐
3/26/12
Moodlerooms, Inc.
Blackboard Inc.
Provides an online learning platform for K‐12, higher education, corporations and government agencies. 3/15/12
Essential Learning, LLC.
Vista Equity Partners
Provides online learning, staff compliance training and continuing education for the behavioral and mental health industry.
‐
‐
‐
3/13/12
Nolij Corporation
Perceptive Software, Inc.
Provides Web‐based document imaging, data integration and forms processing for public and private colleges and universities. $31.9 ‐
‐
2/17/12
Inscape Holdings Inc.
John Wiley & Sons, Inc. A leading provider of assessment and training products that develop critical interpersonal business skills. $85.0
‐
‐
2/16/12
PrepMe, LLC
Naviance, Inc.
Provides online learning and test preparation courses which enable students to study in a customized and interactive manner.
‐
‐
‐
2/08/12
Peer2Peer Holding Company LLC
Aristotle Circle
An online tutoring network that connects students who need help with other students in their area. ‐
‐
‐
1/23/12
SunGard Higher Education, Inc.
Datatel, Inc. (nka Ellucian, Inc.)
Provides software and services to colleges and universities that enable them to teach, learn, manage and connect.
$1,775.0 ‐
‐
1/17/12
Axiologix Education VOIP ACQ, Inc.
Corporation (OTCPK:AXLX)
A development stage company that sells and markets educational software serving kindergarten through higher education.
‐
‐
‐
1/11/12
Academic Earth
A platform for educational videos that hosts full courses and lectures from leading universities around the world. ‐
‐
‐
Ampush Media
LTM = last twelve months; EV = enterprise value
Sources: Capstone Partners LLC research; Capital IQ; public filings and press releases
Mean
3.1x
10.5
Median
2.9x
10.9
Harmonic Mean
1.3x
9.7x
5
Q2 2013
Education Technology
PUBLIC COMPANY TRADING & OPERATING DATA
Price
5/31/13
% 52 Wk
High
Market
Cap
Enterprise
Value
Revenue
LTM
EBITDA
Margin
1‐Yr Rev
Growth
$30.34
96.9%
1,384.8 1,588.5 468.3 71.9 15.3%
23.6%
3.4x
22.1x
$1.42
94.7%
66.6 213.6 152.1 17.2 11.3%
(10.2)%
1.4x
12.4x
John Wiley & Sons Inc.
$39.70
76.4%
2,355.4 2,805.8 1,769.5 334.3 18.9%
(0.2)%
1.6x
8.4x
K12, Inc.
$29.72
96.2%
1,086.9 993.2 815.5 80.1 9.8%
22.4%
1.2x
12.4x
$9.57
77.9%
652.0 462.3 592.2 80.1 13.5%
21.5%
0.8x
5.8x
16,909.6 8,222.7 921.0 11.2%
5.0%
2.1x
18.4x
267.7 NM NA
(4.7)%
0.8x
NM
4,596.0 1,618.0 35.2%
23.3%
3.2x
9.2x
16.5%
10.1%
1.8x
12.7x
Company
Blackbaud Inc.
Cambium Learning Group, Inc.
LeapFrog Enterprises Inc.
Pearson plc
$12.03
60.9% 15,047.5 Rosetta Stone, Inc.
$17.02
93.0%
366.0 226.7 The McGraw‐Hill Companies, Inc.
$54.55
93.1% 14,952.2 14,880.8 EV / LTM
Revenue EBITDA
$ in Millions, except per share data
Mean
EV = enterprise value; LTM = last twelve months
Median
13.5%
13.3%
1.5x
12.4x
Harmonic Mean
14.0%
NA
1.4x
10.6x
NM = not meaningful
Source: Capital IQ as of May 31, 2013
STOCK PRICE PERFORMANCE
Edtech vs. S&P 500 (1‐Year)
Edtech vs. S&P 500 (10‐Year)
135
210
130
190
125
170
127.6
120
150
115
130
168.6
165.0
114.9
110
110
105
90
100
70
95
50
Capstone Edtech Index
^SPX ‐ Share Pricing
Capstone Edtech Index
^SPX ‐ Share Pricing
Share data based on relative performance (%)
Source: Capital IQ as of May 31, 2013
6
Q2 2013
Education Technology
CAPSTONE PARTNERS: A SAMPLING OF COMPLETED EDUCATION TRANSACTIONS
Capstone Partners maintains the most active education & training practice in the middle market, having represented
clients across various specialties, from education technology providers to educational programs. This market presence
allows Capstone to provide education technology companies with real‐time transaction feedback and immediate access to
key decision makers among the industry’s most active acquirers and investors.
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7
Q2 2013
Education Technology
THE EDUCATION TECHNOLOGY TEAM
Jacob Voorhees, Director and Principal, Head of Education Practice
jvoorhees@capstonellc.com • (617) 619‐3323
Jacob is a founding member of Capstone Partners. He focuses on asset positioning,
strategy articulation, due diligence and negotiations coordination. Formerly, Jacob was
with Andersen Corporate Finance LLC, where he focused his efforts on the software and
direct marketing industries. He started his career in New York City with Rabobank
International, a multi‐national Dutch investment bank headquartered in Utrecht, the
Netherlands. While at Rabobank International, Jacob worked in the mergers and
acquisitions group focusing on cross‐border transactions in the consumer products, food
and beverage industries.
The M&A Advisor named Jacob to its prestigious 40‐UNDER‐40 deal makers list in
2012. Jacob received an MBA from the Sloan School of Management at Massachusetts
Institute of Technology (MIT) and a BS from Cornell University. Jacob is qualified as a
General Securities Representative.
David Michaels, Managing Director, Head of Technology & Telecom Practice
dmichaels@capstonellc.com • (858) 926‐5950
David Michaels is a Managing Director of Capstone where he is responsible for managing
the firm’s Technology & Telecom Group (TTG). David founded SagePoint Advisors in
2008, a boutique investment banking firm focused on providing M&A advisory services
to technology and telecom companies. Prior to founding SagePoint, David was a Co‐
Founder, Partner and Managing Director at Montgomery & Co., a leading investment
bank focused on serving emerging‐growth technology companies. David co‐founded
Montgomery’s investment banking business in 1996 and played an instrumental role in
building the business to over $50 million in revenues and 80 employees. Mr. Michaels
also ran the firm’s Communications and Digital Media Technology practice areas prior to
his departure.
David has intimate knowledge of the strategic landscape, market dynamics and
technology underpinnings of several high technology market segments including Mobile
Software & Services, Consumer Internet, E‐Commerce, Enterprise SaaS, Cloud &
Infrastructure Software and Consumer, IT & Telecom Hardware. Prior to joining
Montgomery in 1994, David worked as an investment banker at Bankers Trust and prior
to that, as a structural engineer at General Dynamics, Mr. Michaels received an MBA in
entrepreneurship from the Anderson School of Management at UCLA and holds a BS in
Mechanical Engineering from the University of Michigan.
8
Q2 2013
Education Technology
Sophea Chau, Vice President
schau@capstonellc.com • (617) 619‐3307
Sophea joined Capstone in 2008 and specializes in mergers & acquisitions, private
placements and financial advisory services. Her responsibilities include providing financial
and valuation analysis, performing due diligence and drafting all marketing materials.
Prior to joining Capstone, Sophea was an analyst at FTN Midwest Securities, a full‐service
investment banking firm based in Cleveland. While working in their New York office, she
focused on M&A advisory for middle‐market companies in a variety of industries,
including healthcare, pharmaceutical services and marketing & advertising. Sophea is on
the Board of the Columbia University Club of New England and is the Chairperson of the
Boston Columbia College Young Alumni group. Sophea holds a Bachelor of Arts in
Economics from Columbia University.
Daniel Schultz, Vice President
dschultz@capstonellc.com • (617) 619‐3368
Daniel oversees Capstone’s national business development and industry coverage
activities, working closely with current and prospective clients of the firm on matters
related to corporate sales, recapitalizations, mergers & acquisitions and growth
financings. In his role, Dan is able to deliver specific market intelligence to clients
regarding M&A, financing, strategic, industry and competitive trends. Prior to
spearheading the firm’s business development and market initiatives, he was a Vice
President in Capstone’s M&A group, managing numerous successful transactions across a
variety of industries. Dan also gained hands‐on transaction experience as an investment
banker at Headwaters MB. He started his career with Ernst & Young’s National
Professional AABS practice in New York and later worked in Assurance and Advisory
Business Services in the Denver office. Dan received a BE in Biomedical Engineering with a
Business Minor from Vanderbilt University. He earned an MBA and a Master of
Accountancy from the Daniels College of Business at the University of Denver.
Teak Murphy, Vice President
tmurphy@capstonellc.com • (858) 926‐5950
Teak joins Capstone as a Vice President in the Technology & Telecom Group, based out of
San Diego. Prior to Capstone’s acquisition of SagePoint Advisors, Teak worked at
SagePoint as a Senior Associate advising technology companies on mergers, acquisitions
and strategic capital raises. Prior to joining SagePoint, Teak worked as a Senior Associate
with Enterprise Partners Venture Capital, the largest Southern California based VC firm,
where he evaluated investment opportunities and worked closely with senior
management and board members to successfully grow portfolio companies. Prior to
Enterprise Partners, Teak worked as an Associate in technology investment banking at
Montgomery & Co. where he spent three years working closely with SagePoint's founder
David Michaels on buy‐side and sell‐side M&A transactions. Prior to Montgomery, Teak
worked at Cowen & Co. advising technology companies on M&A and IPO transactions.
Teak graduated from the University of Southern California with honors, receiving a BS in
Business Administration/Finance.
9
ABOUT CAPSTONE PARTNERS
Capstone Partners LLC is a leading international investment banking firm dedicated to serving the corporate finance needs of middle
market business owners, investors and creditors. The firm provides merger & acquisition, private placement, corporate restructuring,
valuation and financial advisory services. Capstone maintains various industry specialties including one in the Education & Training
sector. The firm also possesses merchant banking capabilities to actively co‐invest in transactions.
Additional information about Capstone Partners can be found at www.capstonellc.com.
LEADERSHIP TEAM
BOSTON
John Ferrara
Founder, President
(617) 619‐3325
jferrara@capstonellc.com
CHICAGO
Ted Polk Managing Director (312) 674‐4531 tpolk@capstonellc.com LOS ANGELES
David Bench Managing Director (949) 460‐6431 dbench@capstonellc.com SAN DIEGO & SILICON VALLEY
David Michaels
Managing Director
(858) 926‐5950
dmichaels@capstonellc.com
BOSTON
Kevin Jolley Managing Director (617) 619‐3330 kjolley@capstonellc.com LONDON
John Snead
Managing Director +44 7979 704302
jsnead@capstonellc.com PHILADELPHIA
Eric Williams
Managing Director
(215) 854‐4065
ewilliams@capstonellc.com
CORPORATE RESTRUCTURING
Brian Davies
Managing Director
(617) 619‐3328
bdavies@capstonellc.com
Capstone Partners
Investment Banking Advisors
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