(Bloomberg) — Veritas Capital is working on a combination of Cambium Learning Group and Houghton Mifflin Harcourt, two of its education-related portfolio companies, according to people with knowledge of the matter.
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The private equity firm acquired Cambium and HMH in 2018 and 2022, respectively.
Deliberations are ongoing and no final decisions have been taken, the people said, asking not to be identified discussing confidential information. A representative for Veritas declined to comment.
Veritas’ buyout of HMH valued the company at about $2.8 billion, and a merger with Cambium was among options being considered when the firm pursued that deal, Bloomberg News reported at the time. Cambium and HMH have $2.15 billion and $2.5 billion of outstanding debt, respectively, data compiled by Bloomberg show.
Cambium provides education technology and services to more than 29 million students and serves 95% of US school districts, its website shows. HMH, which publishes textbooks and offers other learning materials, says its products are used by 50 million students in 150 countries. Both companies serve the kindergarten through 12th grade.
–With assistance from Ryan Gould.
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