Activate Learning

INDUSTRY:
Education​

DESCRIPTION:
Leading Provider of K-12 Science Core Curriculum

TRANSACTION TYPE:
Recapitalization

Situation:

In January 2026, Lumos Capital Group acquired a majority equity interest in Activate Learning, a leading provider of K-12 science core curriculum. Activate Learning’s solutions include digital and print curriculum, physical kits to support investigative inquiry, assessments, and teacher professional development. Lumos Capital Group is a highly experienced and value-added growth investor focused on education and workforce companies, who plans to leverage Activate’s truly leading position in the Science Curriculum and Open Educational Resources (OER) markets, expand its suite of digital offerings, and invest in expanded sales and marketing nationwide.

Cherry Tree’s Role:

Cherry Tree was engaged for its experience advising K-12 companies through a potential sale process, and the firm worked closely with the owners at Palm Ventures and the management team to help the company find the right partner to support its rapid growth. It was especially important to the owners and management that any transaction would benefit all stakeholders, including customers, employees, and shareholders, and was aligned with the Company’s vision for continuing its rapid growth. Cherry Tree’s customized process included qualifying and generating broad interest from several strategic and financial parties, developing marketing materials, soliciting proposals, negotiating terms, supporting due diligence, and facilitating the closing of the transaction.

About Activate Learning: 

Activate Learning is a K–12 science core curriculum provider that helps educators bring hands-on science to life in the classroom. The company offers investigation-centered, NGSS-aligned programs and a digital platform that streamlines planning, instruction, and assessment while supporting three-dimensional learning.

About Lumos Capital Group:

Lumos Capital Group is an investment firm focused on supporting technology-enabled education and workforce companies globally. Founded in 2019, Lumos partners with mission-driven entrepreneurs to scale innovative learning and human capital solutions that deliver measurable outcomes.

About Palm Ventures:

Palm Ventures is a private family investment office based in Greenwich, Connecticut, that provides long-term patient capital in partnership with management teams. Founded in 1992, Palm Ventures focuses on building successful businesses across sectors including education, health and wellness, and business services.

About Cherry Tree & Associates:

Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota. Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies. Additionally, it conducts private placements for high quality, entrepreneurially managed growth companies, provides strategic advisory services for CEOs and boards of directors, and prepares fairness opinions and other valuation services.