School Specialty Announces The Sale of Supplemental Literacy and Math Business

Shareholder value and the ability to invest in growth opportunities are among the benefits to School Specialty.

GREENVILLE, Wis., March 10, 2023 /PRNewswire/ -- School Specialty, LLC., a leading provider of learning environments, curriculum, and supplies to the preK-12 education market, has announced the sale of its literacy and math solutions division to Excolere Equity Partners, a leading middle market private equity firm specializing in investments in the Education and Human Capital Management Sector. The new company will be referred to as EPS School Specialty ("EPS").

For School Specialty, this divestiture unlocks significant shareholder value. Additionally, it offers the ability to invest considerable resources and strengthen the value proposition of its core Learning Environments and Education Essentials segments.

School Specialty President and CEO Ryan Bohr stated, "This sale is truly a win-win. From the School Specialty perspective, we are eager to dedicate more resources and focus on our rapidly growing Learning Environments segment and the integration of recent acquisitions, which greatly enhance our supplies offering. Our ability to deliver on our mission to 'transform more than classrooms' has never been greater. For Excolere, EPS is a strong platform from which to build a diversified and high growth supplemental curriculum business. Excolere's experience investing in the Education Sector combined with the experienced executives they have recruited sets EPS up for a very bright future as a stand-alone business."

Pete Davis, Partner at Excolere added, "There is an undisputed need for the solutions EPS provides, which effectively teach and remediate reading issues based on Science of Reading principles and remediate math-related learning loss. Given the systemic reading and math learning issues in our country, we believe EPS has a significant opportunity to serve young learners at scale."

With a new ability for School Specialty to invest in its strongest areas to better serve schools and a dedicated team at Excolere focused on the learning solutions provided by EPS School Specialty there is one more winner in this divestiture – the schools and students served by both businesses.

Tyton Partners and Winston & Strawn served as the exclusive financial and legal advisors to School Specialty. Lincoln International, TRIAGO, and DLA Piper respectively served as the exclusive debt advisor, private placement agent, and legal advisor to Excolere.

About EPS School Specialty

EPS is a leading developer of research-based supplemental curriculum products and services that enhance literacy and math skills for K--12 grade level students. The company offers a number of leading products including: SPIRE, Wordly Wise 3000, Primary Phonics, and Coach. For more information, please visit https://eps.schoolspecialty.com.

About Excolere

Excolere Equity Partners is a middle market private equity firm specializing in investments in the Education and Human Capital Management sector. Grounded in an understanding of the fundamental role that those sectors play in driving economic and societal progress, Excolere leverages its deep sector experience and strategic and operational expertise to accelerate the growth and enhance the impact of the companies in which it invests. For more information, please visit https://www.excolerepartners.com.

About School Specialty, LLC
With a 60-year legacy, School Specialty is a leading provider of comprehensive learning environment solutions for the preK-12 education marketplace in the U.S. and Canada. This includes essential classroom supplies, furniture and design services, educational technology, science curriculum, learning resources, professional development, funding assistance and more. School Specialty believes every student can flourish in an environment where they are engaged and inspired to learn and grow. In support of this vision to transform more than classrooms by improving learning outcomes and district performance, the company applies its unmatched team of subject-matter experts and designs, manufactures and distributes a broad assortment of name brand and proprietary products to deliver upon its unique value proposition. For more information, go to www.schoolspecialty.com.

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SOURCE School Specialty, LLC