Edify EACPU 1c, 1/2W
24 months.
Warrant 1 + $11.50, Call $18.
Trust $10.00 ---$276,000,000 w/over-allotment option.
27,600,000 trust shares.
BMO Capital Markets B. Riley Securities
focusing on education, education technology (“edtech”), workforce development, and human capital management (“HCM”) industries in the United States. We will seek to acquire one or more businesses with an aggregate enterprise value of $500 million or greater.
anchor investors, have each expressed an interest to purchase 9.9% of the units to be sold in this offering, or 2,376,000 units, excluding any units sold pursuant to the underwriters’ exercise of their over-allotment option (totaling 29.7% of the units sold in this offering, or 7,128,000 units in the aggregate). In consideration of these purchases, our sponsor has agreed to sell to these anchor investors membership interests in our sponsor, as described in further detail in this prospectus.
We are sponsored by Colbeck Edify Holdings, LLC, an affiliate of Colbeck Capital Management, LLC (“Colbeck”), a leading middle-market private equity asset manager focused on strategic lending. Founded in 2009, Colbeck partners with companies during periods of transition, providing creative and highly structured capital solutions to meet their evolving needs. Due to the complex nature of its investments, Colbeck’s diligence and portfolio management is similar to that of traditional private equity firms. Its diligence processes regularly include third-party market studies, accounting and legal analysis, internally generated financial modeling and forecasting, and extensive on-site and management diligence. Colbeck supports its portfolio companies through consistent engagement with management in areas such as financial management, budgeting, governance, executive management, acquisition strategy, deal execution and capital markets activity, generating incremental returns for active sponsorship. Colbeck’s principals have participated in over $22 billion of strategic investments over 70 combined years and across market cycles at leading institutions such as Goldman Sachs, Morgan Stanley, Deutsche Bank, and Macquarie.
In addition to managing capital from leading institutional endowments, foundations, insurance companies, and public and corporate pensions, the principals at Colbeck are founders of a fully-integrated education services provider, Studio Enterprise, LLC (“Studio”), that uses technology, human resources, and data to help top colleges and universities transform in the digital era. In addition to Studio, described further below, Colbeck has experience with other relevant investments including Rimini Street, Limbach, and TechStyle Fashion Group.
The principals at Colbeck founded the predecessor company to Studio Enterprise, LLC (“Studio”) in 2013 to support the innovation, reinvention, and advancement of mission in higher education. Studio was launched as a fully integrated education services provider that offers critical services to partner institutions. As the founding team and sole control equity sponsor, the principals of Colbeck have grown Studio from a start-up to a leading education services provider in seven years. Today, Studio provides services including marketing and admissions, compliance, finance and accounting, financial aid intake, information technology, facilities management, and curriculum and instructional design to over 14,000 students across 19 campus locations and across 65 degree programs, ranging from certificate to doctoral, supporting institutions of various sizes with both online and on-ground modalities.