Blackstone (NYSE: BX) has made a significant equity investment in Renaissance, a global leader in pre-k-12 educational technology. The investment comes alongside existing investors including Francisco Partners, the majority shareholder and global investment firm specializing in partnering with technology business, and TPG’s The Rise Fund.
Renaissance delivers teachers and administrators the tools to plan, lessons to teach and resources to motivate students to learn. The firm is a trusted education brand serving more than 40% of US schools and over 16 million students worldwide.
The investment will enable Renaissance to accelerate growth and innovation across its product portfolio. The firm will also continue to execute targeted acquisitions following its purchases of Lalilo and Nearpod earlier in 2021.
“As technology continues to change, and as teachers and students connect in new ways, our commitment to empower teachers, students, and administrators is unwavering,” added Chris Bauleke, Renaissance CEO. “Now, together with Blackstone and Francisco Partners we have even more opportunity to further our mission to accelerate learning for all worldwide.”
Goldman Sachs & Co. LLC served as lead financial advisor to Renaissance, Macquarie Capital also served as a financial advisor and Kirkland & Ellis served as legal advisor. SVB Technology Investment Banking served as financial advisor to Blackstone, and Simpson Thacher & Bartlett LLP served as legal advisor.