Project Lincoln
In an environment where 6 million K-5 students struggle with literacy and schools face mounting pressure to close the achievement gap, our client, Project Lincoln, had secured its market position.
Project Lincoln had spent 25 years perfecting their solutions—research-driven literacy programs developed by an experienced educator turned entrepreneur. They had also secured a growing custom base with public, private, and charter schools nationwide.
To achieve a successful exit, our client needed an experienced merger and acquisition team. With our strategic oversight, we closed the deal, securing an acquisition offer well above market expectations.
Project Lincoln came to us with a strong set of market drivers, including:
- Revenue that had recently doubled
- Access to Elementary and Secondary School Emergency Relief (ESSER) funding—federal aid helping schools address pandemic-related learning loss
- A diverse customer base across public, private, and charter schools
- A strong foundation for expansion into larger urban markets
We knew this balanced mix of proven success and growth potential would be attractive to buyers, particularly private equity firms. With this in mind, we researched industry trends and created a list of 125 qualified buyers for our marketing campaign.
With the groundwork laid, we implemented our three-phase QuietAuction™ process to ensure we:
- Maintained confidentiality
- Generated multiple qualified offers
- Had leverage to drive competitive negotiations
The True North Mergers and Acquisitions deal team evaluated market trends and buyer behaviors in detail, ultimately constructing an extensive list of more than 125 potential buyers.
Our proprietary three-phase QuietAuction™ process and our client’s attractive attributes resulted in two letters of intent that were well above the original market value.
In the final stages of the transaction, the deal team executed a comprehensive due diligence process and conducted a detailed quality of earnings review, culminating in a successful close.
Our client experienced remarkable financial growth, with earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubling leading up to the transaction. This growth, combined with our strategic marketing process, resulted in two letters of intent that exceeded initial market expectations. While financial viability is always critical, we also needed a buyer who could:
- Scale our client's proven literacy programs
- Support expansion into new markets
- Maintain the founder's educational mission
After intensive negotiations, our client accepted an offer from a leading education company specializing in early literacy. The buyer’s existing portfolio of English and Spanish language programs made them an ideal strategic fit. Likewise, their need for our client's proven phonemic instruction curriculum complemented their existing offerings perfectly.
This alignment meant that our client could retire knowing their education mission wouldn’t just continue—it would expand, reaching more students while maintaining the program's proven approach.
