Overview:
Originally founded in 2004 by three Veterinary students, XPrep Learning Solutions serves students worldwide as a well-respected leader in the online test preparation space. The Company delivers comprehensive professional board preparation solutions to veterinary, veterinary technician, optometry, and dental hygiene students. Its owners (three practicing veterinarians and one technology executive) were balancing full-time careers outside of the XPrep business and reached the right time to explore their strategic alternatives. Specifically, XPrep ownership was seeking a partner that could lead the Company through its next stage of growth while maintaining its strong brand reputation. The Company’s market leading products and strong internal leadership made a potential strategic partnership highly attractive to multiple parties. Through a Cherry Tree-led process, XPrep was able to find a highly strategic partner in PDH Academy, a portfolio company of Eden Capital, that values its brand reputation and could support its next growth chapter.
“We are very excited to partner with XPrep Learning Solutions and leverage best practices to provide additional professional training to our clients,” said Mark Newcomer, CEO of PDH Academy.
“Partnering with PDH Academy is a great fit for XPrep. The additional resources and expertise that PDH brings to the table will be a huge benefit for our students. We will be able to provide an even higher level of product and service,” said XPrep VP of Operations Brian Jensen.
Cherry Tree’s Role:
Cherry Tree leveraged its education experience and network of potential strategic partners and financial partners and worked closely with the owners and management team to create a competitive sale process that resulted in a favorable outcome for shareholders, employees, and students. It was especially important to the owners that the process was focused on finding a partner that would maintain the integrity of the brand and its stellar reputation among students. Additionally, the process was swift and efficient as to not disrupt nor distract the core business operations. Cherry Tree’s advisory role included introductions and discussions with numerous potential partners in marketing the opportunity, soliciting proposals, negotiating terms, supporting due diligence, and facilitating the closing of the transaction.
About XPrep Learning Solutions:
XPrep Learning Solutions: XPrep Learning Solutions provides online test preparation solutions to veterinary, veterinary technician, optometry, and dental hygiene students. Thousands of professionals have relied on VetPrep, VetTechPrep, OptoPrep, and HygienistPrep to pass their professional board exams.
About PDH Academy:
PDH Academy: PDH Academy provides regulatory training and certification to professionals and companies in real estate, healthcare, and specialized trades. The mission of PDH Academy is to help professionals start, manage, and advance their careers.
About Eden Capital:
Eden Capital: Eden Capital is a sector-focused private equity firm backing leading management teams in education, tech, and business services companies.
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 attractive, entrepreneurially managed growth companies, provides strategic advisory services to CEOs and boards of directors, and prepares fairness opinions and other valuation services.
