Permira has agreed to acquire Renaissance Learning (NASDAQ: RLRN) for $440 million through an LBO that includes approximately $196 million of equity and $270 million of debt financing from RBC. The PE firm intends to pay Renaissance Learning stockholders $14.85 per share, which represents a 26% premium. The owners of about 69% of the company's outstanding shares have already agreed to vote in favor of the deal. Renaissance Learning provides technology-based school improvement and student assessment programs for K-12 schools.
So far in 2011, PE investors have invested in 173 companies headquartered in the Midwest region, according to the PitchBook Platform. During each quarter, B2B has accounted for more of the region's activity than any other industry.