Mar 2010

Camden Partners invests $10m in The Princeton Review

Camden Partners Holdings, LLC, a Baltimore-based private equity firm, is pleased to announce a $10.0 million investment in The Princeton Review (Nasdaq: REVU), a leading provider of test preparation and online career education services. Camden’s investment was on the same terms and conditions as the existing holders of the Series E Preferred Stock.

In connection with this financing, David Warnock, Managing Member of Camden Partners, will be joining the Board of Directors of The Princeton Review. Warnock remarked, ” All of us at Camden Partners are very impressed with the depth of management Michael Perik has brought together at The Princeton Review and the opportunity to accelerate the growth of the traditional test prep business. In addition, the acquisition of Penn Foster and its planned affiliation with the AFL-CIO’s 11 million members through the National Labor College have the potential to create the kind of high impact affinity group focus that brought success to our prior investment in American Public Education.” Mr. Warnock co-founded Camden Partners in 1995. He has over 24 years of investment experience and focuses on investments in the financial services and education sectors. He serves on the boards of numerous education-related companies, and formerly served on the Board of American Public Education, Inc.

“David Warnock is one of the most respected and influential investors in this country’s education sector, ” said Michael Perik, President and Chief Executive Officer of The Princeton Review. “The Princeton Review will benefit greatly from his expertise and experience. We look forward to Mr. Warnock playing a large part of the growth and expansion of our post-secondary business.”

About The Princeton Review

The Princeton Review (Nasdaq: REVU) has been a pioneer and leader in helping students achieve their higher education goals for more than 28 years through college and graduate school test preparation and private tutoring. With more than 165 print and digital publications and a free website,, the Company provides students and their parents with the resources to research, apply to, prepare for, and learn how to pay for higher education. The Princeton Review partners with schools and guidance counselors throughout the U.S. to assist in college readiness, test preparation and career planning services, helping more students pursue post-secondary education. The Company also owns and operates Penn Foster Education Group, a global leader in online education. Penn Foster provides career-focused degree and vocational programs in the fields of allied health, business, technology, education, and select trades through the Penn Foster High School and Penn Foster Career School (, which are headquartered in Scranton, PA.

About Camden Partners

Camden Partners, founded in 1995, operates private equity funds that provide growth capital to emerging companies. Camden Partners focuses on business services, healthcare and education sectors. Camden Partners Strategic Fund IV, LLC and Camden Partners Strategic Fund IV-A, LLC are the investing entities in this transaction. For more information

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