Voyager Learning Company (PinkSheets: VLCY) , a publisher of education materials and provider of education solutions for the K-12 market, today announced the signing of a definitive merger agreement to combine its business with Cambium Learning, Inc., an education company serving the needs of at-risk and special student populations in the Pre-K through grade 12 market. In 2008, Cambium Learning had revenues of approximately $100 million and Voyager Learning Company reported $98.5 million in revenues. The combination of the companies' businesses will create a leading provider of education intervention services in the United States.
The business combination will be effected through a newly-formed company, Cambium-Voyager Holdings, Inc., which will acquire both companies and issue shares in the combined company to stockholders of each of Voyager Learning Company and Cambium Learning. Cambium-Voyager Holdings will be majority owned by VSS-Cambium Holdings III, LLC, which will be majority owned by Veronis Suhler Stevenson, a leading private equity investor in the information, education and media industries and current owner of Cambium Learning. Upon completion of the mergers, Cambium-Voyager Holdings will be a public company, and anticipates having its common stock approved for listing on the NASDAQ Global Market.
Tuesday, June 23, 2009
Voyager Learning Bought by Veronis (Cambium)
Troubled educational publisher Voyager Learning has been acquired by educational investment vehicle Cambium. This represents a rather ignominious end to what was once a billion dollar information company but for management and staff perhaps they will be able to look forward to a more productive and stable future. Here is the press release: