Credit Suisse First Boston Equity Partners, L.P. Leads $28 Million Investment in Advantage Schools.Business Editors BOSTON--(BUSINESS WIRE)--Feb. 22, 2000 Marks the Fourth Round of Private Investment Charter School Management Company Poised to Open New Schools This Fall Advantage Schools, Inc., announced today that it has secured $28 million in additional private equity capital. The proceeds will be used to open new urban charter schools in cities nationwide this fall, and to expand some of the 16 schools already in operation. Each Advantage school is based on the company's high-performance school design. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Equity Partners, L.P. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and affiliates led the financing, and were joined by Bessemer Venture Partners Bessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, China, and India. It has backed such companies as Ciena, Flarion, Parametric Technologies, Skype, Staples, VeriSign and Veritas. , Fidelity Ventures Fidelity Ventures is the venture capital arm of Fidelity Investments. Based in Boston and London, Fidelity Ventures invests in emerging technology companies in North America and Europe. , Kleiner Perkins Caufield & Byers, United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Trust Company, Chase Capital Partners, and Nassau Capital. "Our investors share our belief in offering urban families new choices in public education and creating new settings for teachers that will permit them to succeed," said Steven F. Wilson, Chief Executive Officer of Boston-based Advantage. "With this infusion of capital, we will be able to bring a high-quality education to thousands more children in cities across America. Our students have already achieved dramatic academic improvements in the schools we operate - evidence that the Advantage model works." "We are excited to invest in a company dedicated to improving the quality of our country's educational system," said Hartley R. Rogers, Managing Director and Co-Head of Credit Suisse First Boston Equity Partners, L.P., a $2.75 billion private equity fund. This latest investment builds on the company's impressive track record of attracting equity capital. Advantage completed a $25 million round of financing in March of 1999 led by Chase Capital Partners of New York and Nassau Capital of Princeton, New Jersey
Princeton, New Jersey is located in Mercer County, New Jersey, United States. Princeton University has been sited in the town since 1756. , which invests in private equity and real estate exclusively on behalf of Princeton University Princeton University, at Princeton, N.J.; coeducational; chartered 1746, opened 1747, rechartered 1748, called the College of New Jersey until 1896. Schools and Research Facilities . This is the second capital investment by Kleiner Perkins Caufield & Byers of Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. , whose partner, John Doerr L. John Doerr (born June 29, 1951 in St. Louis, Missouri) is a successful venture capitalist at Kleiner, Perkins, Caufield & Byers in Menlo Park, California, in the Silicon Valley. , is known for initiating investment in firms such as Compaq, Lotus, Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , Intuit, Netscape, and Amazon.com. Previous rounds of financing included investments by United States Trust Company of New York; Bessemer Venture Partners of Wellesley, Massachusetts; and Fidelity Ventures of Boston. Bessemer and Fidelity provided Advantage's first-round investment in May 1997. The company's seed capital was provided by Bright Horizons Children's Centers, which went public in 1998. Advantage Schools is a national leader in the emerging for-profit education management industry. Working under contract with local school founders, the company opens and operates new high-performance charter public schools in urban areas nationwide. The schools begin as K-5 and expand by one grade per year until fully developed as a comprehensive K-12 program. The company opened its first two charter schools in 1997, added six new schools in 1998, and eight more in 1999. Advantage currently operates in nine states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and serves more than 9,000 children. Advantage cities include Worcester, Mass.; Dallas, Houston, San Antonio and Midland, Texas; Phoenix, Ariz.; Chicago, Ill.; Charlotte and Rocky Mount, N.C.; Jersey City and Newark, N.J.; Philadelphia, Pa.; and Kalamazoo, Mich. Credit Suisse First Boston Equity Partners, L.P., is a part of Credit Suisse First Boston Private Equity Division, the global private equity arm of the Credit Suisse Group, a global financial services company providing a comprehensive range of banking and insurance products. Together with its international private equity funds, the Credit Suisse First Boston Private Equity Division now has committed capital of approximately $3.6 billion, with dedicated professionals working in five offices around the world. |
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