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Penn Foster Acquired by Vistria Group

Penn Foster Acquired by Vistria Group

Founded in 1890, Penn Foster is a well-established career education institution, focused primarily on providing education to at-risk students. Annually, they graduate over 25,000 students and enroll more than 150,000 new students in diverse educational programs, offering opportunities to earn high school diplomas, career certificates, college degrees, and industry-recognized credentials across 250 programs. Furthermore, Penn Foster holds a prominent position as one of the leading providers of middle skills workforce development, catering to a customer base of over 1,000 industrial and manufacturing businesses.

The Navagant team advised Penn Foster, a leading institution in the high school education industry, on its sale to The Vistria Group, a private investment firm that places heavy focus on knowledge & learning, healthcare, and financial services.

Frank Britt, CEO, Penn Foster

“We are an organization that solves an acute challenge for millions of Americans by providing low cost, self-paced education directly to consumers and powered by an extensive campus-based partner network. This funding is a validation of our progress and will help us achieve important social outcomes. Expanding access to workforce training and education is critical for every individual and for our nation’s economic future. We have an extraordinary opportunity for growth and industry leadership that addresses 21st century workforce requirements, and we look forward to fulfilling our mission of helping students achieve their education goals and embark on successful careers.”

Jacob Voorhees, Managing Director, Navagant

“With Vistria Group’s expertise in the education sector and their track record of successful investments, there is a strong sense of confidence in their ability to further enhance Penn Foster’s impact. The Vistria Group’s commitment to advancing educational opportunities and their strategic approach align with Penn Foster’s mission of providing accessible and high-quality education. This partnership is expected to bring new growth opportunities to Penn Foster, enabling them to expand their industry reach.”

Benefits & Long-Term Value Creation

Penn Foster serves a wide range of individuals across diverse backgrounds. They provide accessible education and training opportunities to those seeking to obtain high school diplomas, career diplomas/certificates, college degrees, or industry-recognized credentials.

In combining with Penn Foster, The Vistria Group brings deep industry knowledge, resources, and a strategic approach to further enhance Penn Foster’s position in the career education market. Their expertise and financial support can facilitate the expansion of Penn Foster’s educational programs, allowing for greater accessibility and reach to a wider audience.

Founded in 2013, Vistria Group is a private equity firm based in Chicago, Illinois. The firm’s investment approach focuses on the education, healthcare, and financial services sectors and primarily invests by engaging in PE/Buyout, growth/expansion and impact investing deals.

About Navagant

Navagant LLC is a middle-market investment bank focused exclusively on the Education & Training industry. We serve entrepreneurs, family businesses, large corporations, and financial sponsors seeking to optimize their transaction outcomes. Our sell-side advisory services include mergers and acquisitions, majority and minority recapitalizations, management buyouts, and corporate carve-outs. With a conscious-capital mission and a team of experienced professionals, Navagant delivers tailored solutions to help organizations unlock value and achieve life-changing outcomes. For more information, please visit


Jacob Voorhees
Managing Director, Navagant
Phone: (617) 216-1543