North Billerica, MA, September 14, 2017
Curriculum Associates announced today a significant investment by Berkshire Partners, a Boston-based investment firm with a deep history of investing in growth companies. After considering numerous offers, Curriculum Associates chose the best-fit partner to ensure its continued work supporting students and educators. The completion of this transaction will result in proceeds of approximately $200 million to charity, representing the largest gifts ever received by the Iowa State University Foundation and the Boston Foundation in their combined 187-year histories.
For nearly 50 years, Curriculum Associates has operated as a deeply philanthropic company, and these historic gifts uphold its founding commitment to service and improving the world of education. Today, Curriculum Associates is the sixth-largest K–12 publishing company, serving more than 6 million students and supporting more than 300,000 educators nationwide with its print and digital learning programs.
To sustain its commitment to the nation's classrooms, the company's leadership team chose a partner whose vision aligned with its mission. The support of Berkshire Partners will ensure Curriculum Associates' continued growth and expand its ability to provide students with tools to support their success. Rob Waldron, CEO of Curriculum Associates, will remain a minority shareholder and continue to lead the company as CEO. The company will retain its 750 employees and continue its hiring and product development plans.
“We are thrilled to partner with a group we trust to uphold our values and share our future-focused vision,” said Waldron. “In making this decision, we were most attracted to Berkshire Partners' successful track record of supporting growth companies and the firm's long-term orientation. We are confident this partnership will improve the ways in which we serve classrooms, while also providing for deserving charities which work to improve our local community and the world of education.”
“Curriculum Associates is a unique mission-driven company that has demonstrated remarkable growth,” said EJ Whelan, a Managing Director at Berkshire Partners. “We're proud to be partnering with the CA team and look forward to supporting their continued growth with the shared goal of driving gains for more students.”
The Boston Foundation will use this gift to grow the Foundation's Permanent Fund for Boston, the principal charitable resource for many local Boston nonprofits. A Donor Advised Fund will also be created and additional resources will be invested in strategic grant making in support of civic leadership work. Curriculum Associates' historic gift will benefit Iowa State University's College of Liberal Arts and Sciences, the heart of learning and discovery at Iowa State. The donation will ensure that more public university students have access to quality higher learning opportunities and will transform the university for generations to come.
About Curriculum Associates
Founded in 1969, Curriculum Associates, LLC designs research-based print and online instructional materials, screens and assessments, and data management tools. The company's products and outstanding customer service provide teachers and administrators with the resources necessary for teaching diverse student populations and fostering learning for all students.