Prince­ton Re­view to sell test prep busi­ness

The Washington Times Daily - - Business -

FRAM­ING­HAM | Prince­ton Re­view Inc. is sell­ing its test-prepa­ra­tion busi­ness for $33 mil­lion in cash to a pri­vate eq­uity firm and plans to change its name as it fo­cuses on its on­line ed­u­ca­tion di­vi­sion.

The Mas­sachusetts-based com­pany is best known for the test-prepa­ra­tion ma­te­ri­als that it sells un­der the Prince­ton Re­view brand, which is also be­ing sold as part of the deal to an af­fil­i­ate of the pri­vate eq­uity firm Charles­bank Cap­i­tal Part­ners.

The com­pany’s test-prep busi­ness has strug­gled as cus­tomers are opt­ing for less ex­pen­sive Sat-prepa­ra­tion pro­grams.

Prince­ton Re­view said the sale will help it ex­pand its Penn Foster di­vi­sion, which pro­vides on­line de­grees and vo­ca­tional pro­grams in fields like health care, tech­nol­ogy and ed­u­ca­tion. It will adopt a new name, as yet un­de­ter­mined.

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