Advised Penn Foster, a leader in career-focused distance and hybrid learning that now offers comprehensive high school, career school and college programs on its acquisition by The Vistria Group. Vistria is a private equity firm focused on investing in middle market companies in the education, healthcare and financial services sectors.

Penn Foster has been a leader in career-focused distance and hybrid learning for more than 100 years and now offers comprehensive high school, career school and college programs. Through direct student enrollments as well as through partnership programs offered with schools and businesses, more than 13 million people have taken Penn Foster-enabled courses to further their education and better position them for life success. Penn Foster combines affordable career-ready education with a flexible delivery model that makes content available and allows students to connect with their peers and instructors on an “anytime and anywhere” basis.

The Vistria Group (“Vistria”) is a Chicago-based private equity firm focused on investing in middle market companies in the education, healthcare and financial services sectors. Vistria’s team of experienced partners have significant investing and operating expertise as well as a proven track record of working with management to grow innovative market leading companies.

Commenting on the transaction, Jacob Voorhees, Managing Director of Capstone noted, “We are pleased to have assisted Penn Foster with this important milestone. The company represents one of the leading brands in the rapidly-growing career education market that specifically addresses the glaring middle skills gap in the US economy today, and it is well-positioned for future growth and success. The transaction is one more indication of the increase in M&A activity we are experiencing in the post-secondary education space. Market momentum has been accelerating since late last year, and we expect continued strong activity in 2015.”