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Audax Private Equity sells Cadence Education

Audax Private Equity has sold Cadence Education to investment funds managed by Morgan Stanley Global Private Equity.

Terms of the transaction have not been disclosed.
 
Headquartered in Scottsdale, Arizona, Cadence is a provider of early childhood education focusing on children ages six weeks to 12 years old.
 
The company has the capacity to serve more than 20,000 students across its national platform of more than 150 schools across 20 states.
 
Since Audax’ initial investment and partnership with Cadence’s founder Doug MacKay in 2007, the company has acquired 74 schools in 28 acquisitions and opened 14 greenfield locations.
 
Geoffrey Rehnert, co-chief executive officer of Audax Group, says: “Doug MacKay, Dave Goldberg, Paul Malek and the rest of the Cadence team have transformed the business from a multi-regional presence of education centers into a scale, national platform of schools through add-on acquisitions, greenfield school development, and industry-leading systems and processes. We wish the company continued success with its new partner.”
 
Dave Goldberg, CEO of Cadence, says: “Audax has been tremendously valuable to Cadence throughout our partnership. We are proud of our accomplishments together and will greatly miss their exceptional team of professionals who were such a big part of our success. The future of the company remains very bright, and we look forward to our continued growth and new partnership.”
 
Lazard Middle Market served as exclusive financial advisers to Cadence and Audax. Goulston & Storrs served as legal adviser to Cadence and Audax.

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