Denver private equity firm Revelstoke Capital Partners has closed a deal for Career Step LLC, a training company.
Career Step, headquartered in Provo, Utah, provides online, career-focused training programs for the health care sector. The company has trained more than 85,000 people and has partnerships with colleges and universities in the U.S. Terms of the deal were not disclosed.
Revelstoke's investment should help the business grow organically and through acquisitions. The firm has been active so far in 2015, teaming up with Yukon Partners to back Encore Rehabilitation Services LLC in January, and investing in Crossroads Holding LLC, a substance abuse center, also in January. Mergers & Acquisitions previously reported that the firm is fundraising.
Hogan Lovells LLP acted as Revelstoke's legal adviser. William Blair & Co. and Paul Hastings LLP advised Career Step. Ally Corporate Finance and Norwest Mezzanine Partners provided debt financing for the deal.
Education companies, especially online course providers, have been attracting investor interest for years. Recent transactions include American Safety Council's January acquisition of Online Traffic School, which provides driver safety classes, and the Riverside Co.'s December deal for Mintra Trainingportal AS, which provides training to employees in the oil and gas industry. For more on e-learning, see E-Learning Providers Eager to Expand.