CHARLOTTE, N.C., May 31, 2018 (GLOBE NEWSWIRE) -- Barings, one of the world’s leading financial services firms, announced that it provided senior credit facilities to support the acquisition of a majority ownership position in Discovery Education Inc. by private equity sponsor Francisco Partners.
Discovery Education, formerly part of Discovery Communications Inc., which owns the Discovery Channel, is the leading provider of digital content, video streaming, and professional development for K-12 classrooms worldwide. Discovery Education combines award-winning digital textbooks, or “Techbooks”, and best-in-class supplemental services such as Discovery Education Streaming Plus with professional development resources to inspire students and empower educators. Discovery Communications Inc. will continue to be an investor in Discovery Education and will retain a minority interest in the Company.
“Francisco Partners is pleased to have the support of Barings on our investment in Discovery Education,” said Jason Brein, partner at Francisco Partners. “The ease of execution on this transaction was notable, thanks to Barings’ ability to finance both facilities in their entirety as well as their familiarity with Francisco Partners from past transactions.”
“Barings appreciates the opportunity to partner with Francisco Partners and provide an appropriate solution to meet the capital needs of Discovery Education,” said Brian Baldwin, a managing director at Barings. “Discovery Education’s strong brand and market-leading products and services position it well for the future, and we are confident the outstanding management team led by Bill Goodwyn will benefit greatly from Francisco Partners’ expertise in software technology and ed-tech as well as its deep experience in managing business unit carve-outs similar to this transaction.”
Financing from Barings, which served as lead agent and sole lender on the transaction, included a revolving credit facility and a senior secured term loan.
About Francisco Partners
Francisco Partners is a leading global private equity firm, which specializes in investments in technology and technology-enabled services businesses. Since its launch over 17 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information, please visit www.franciscopartners.com.
About Discovery Education
Discovery Education is the global leader in standards-based digital content for K-12, transforming teaching and learning with award-winning digital textbooks, multimedia content, professional development, and the largest professional learning community of its kind. Serving 4.5 million educators and over 50 million students, Discovery Education’s services are in half of U.S. classrooms, 50 percent of all primary schools in the U.K., and more than 50 countries. For more information, please visit www.discoveryeducation.com.
About Barings
Barings is a $305+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,800 professionals and offices in 16 countries. Learn more at www.barings.com.
*As of March 31, 2018
Contacts:
Kelly Smith, Media Relations, 980-417-5648, kelly.smith@barings.com
Brian Whelan, Corporate Communications, 980-417-7700, brian.whelan@barings.com
18-502393