Falfurrias Capital Partners has acquired a majority stake in American Safety Council Inc., an e-learning business.
American Safety, headquartered in Orlando, Florida, provides e-learning and training services for transportation and workplace safety, testing, medical continuing education and other groups. The company provides courses to about 750,000 individuals annually. Terms of the deal were not disclosed.
Charlotte, North Carolina-based Falfurrias Capital was founded in 2006 by former Bank of America Corp. (NYSE:BAC) CEO Hugh McColl Jr. and former BofA CFO Marc Oken. The firm has been targeting investments in the e-learning sector, and American Safety is its first investment in the industry.
Several other companies have been picking up assets in the e-learning sector. In April, John Wiley & Sons Inc. (NYSE: JWa, JWb) agreed to pay $175 million for CrossKnowledge, which provides digital learning services. Also in April, PluralSight LLC bought Digital-Tutors for $45 million, following a streak of other e-learning acquisitions. In March, Hellman & Friedman LLC agreed to buy Renaissance Learning Inc. from Permira Advisers LLP for $1.1 billion.