New Harbor Capital acquired Bluedprint Test Preparation. Blueprint is the premier LSAT test preparation provider in the US, offering in-person and online courses, private tutoring, self-study books and application consulting services. Based in Los Angeles, Blueprint offers live classroom instruction in 29 locations across eight states throughout the country in addition to its robust scalable online course offering. Blueprint leverages a unique edutainment-oriented content creation capability and the latest adaptive learning technology to support individualized study plans. As part of the deal process, Blueprint also acquired Chicago-based Next Step Test Preparation, a provider of test preparation services for the MCAT and other graduate admissions exams.
“These companies were a perfect fit with our investment thesis. We plan to leverage their unique capabilities in content production, delivery, and adaptive learning as we expand our offerings in law and health, as well as horizontally into additional test verticals,” said Justin Marquardt, Vice President at New Harbor Capital. Tom Formolo, Partner at New Harbor Capital added, “The combined capabilities and complementary strengths of these two companies will create a powerful platform for growth in an industry that’s begging for innovation.”
Blueprint Co-Founder and Company Chairman and Chief Creative Officer Trent Teti said, “We’re ecstatic New Harbor Capital brought us together with Next Step. This platform will enable us to heavily invest in our leading adaptive learning software and video production capabilities to create a family of groundbreaking products.“
Blueprint Co-Founder and Company CEO Matt Riley said, “We are thrilled to partner with New Harbor and Next Step to form the elite provider of high-stakes test prep courses and tutoring. The two companies share a common mission and together we will be able to deliver even better student experiences and results. This is the first step in our plan to build the number one test prep company in the world.”
Jacob Voorhees, Co-Head of Investment Banking at Capstone Headwaters, commented, “The Blueprint team made this process both entertaining and seamless. Moreover, the state of the art LMS, data analytics, adaptive learning engine and technological and creative prowess of the Company is unmatched. With the help of New Harbor, the Company is a disruptive force that will be putting the industry titans on notice.”
“The process of taking your company to market can be extremely intimidating, but the Capstone Headwaters team were incredible partners through the whole process. We always felt like they had our best interests in mind - they weren’t just trying to make a deal. With detailed knowledge of our industry and the structure of similar deals, they helped us locate the perfect private equity sponsor. We would never have closed this deal without their guidance.”
Matt Riley
CEO, Blueprint Test Preparation
