|Silverhawk Partners with Charlesbank to Acquire Worldstrides|
January 4, 2006 – Silverhawk Capital Partners (“Silverhawk”), a private investment firm based in Greenwich, Connecticut, participated in a Charlesbank Capital Partners led transaction to acquire Worldstrides, LLC (“Worldstrides”).
Financing for the transaction was provided by GE/Antares, which underwrote the senior debt, and Oak Hill Advisors and Ares Capital, which together, provided second‐lien financing. Terms of the deal and financials of Worldstrides were not disclosed.
Based in Charlottesville, VA, Worldstrides is a leading provider of education student travel courses to over 4,700 public and private schools across the United States, and has served approximately three million students since the Company’s inception in 1967. Worldstrides was one of the early pioneers in the organized student travel industry, initially bringing middle and high school students to Washington, DC. It has since grown to provide education and performing programs across North America, Europe and Latin America, with over 200,000 students traveling with Worldstrides every year.
“We take pride in offering customers and vendors the best service possible before, during and after the dates of travel,” says Worldstrides CEO Jim Hall. “We are delighted to have Charlesbank and Silverhawk as our financial partners and believe they will be a valuable strategic resource as we move ahead.”
About Silverhawk Capital PartnersSilverhawk Capital Partners is an independent investment firm established in 2005 to investment in middle market transactions in the Growth Industrial, Energy/Natural Resources and Business Services sectors. Silverhawk typically invests between $10 million and $50 million of equity capital in growth oriented businesses with revenues typically ranging from $25 million to $250 million. Silverhawk currently manages $135 million as the result of an initial close on its debut fund. Silverhawk expects capital under management for Fund I to be $200-$250 million. Silverhawk has offices in Greenwich, Connecticut and Charlotte, North Carolina.