Pamlico Capital Announces Recapitalization of MetaMetrics
MetaMetrics, Inc. (“MetaMetrics” or the “Company”) announced today that Pamlico Capital (“Pamlico”) has completed a recapitalization of the Company. Co-Founders Jack Stenner, Ph.D., and Malbert Smith, Ph.D., along with the rest of the management team will continue to lead the growth of the Company going forward. Jack Stenner, Ph.D., and Malbert Smith, Ph.D., will also maintain significant ownership in MetaMetrics. Pamlico has committed additional equity capital to support future acquisitions and organic growth initiatives. Further transaction details have not been disclosed.
Headquartered in Durham, NC and founded in 1984, MetaMetrics is focused on improving education for learners of all ages and ability levels. The Company develops scientific measures of academic achievement and complementary technologies that link assessment results with real-world instruction. MetaMetrics’ flagship product, the Lexile® Framework for Reading, provides a common, developmental scale and measure to match readers with resources targeted to their ability level.
Jack Stenner, Ph.D., noted, “We believe MetaMetrics is well positioned for future growth through new product development and continued tailwinds in the use of instructional learning products that are powered by our technologies. The Pamlico team brings expertise and ongoing capital for additional investment and acquisitions, and we are excited about what this will mean for MetaMetrics’ employees and partners.” Malbert Smith, Ph.D., added, “Pamlico understands our mission and core values, and the relationship they’ve built with our team was an important factor in our decision to partner with them. Our team is proud of the impact we’ve had on public education in the United States. We believe that with Pamlico’s support, our metrics will become the universal measurement system for reading, writing, and mathematics across the lifespan of a learner both in the U.S. and abroad.”
Pamlico Partner Scott Stevens said, “We are thrilled to partner with management and excited about the opportunities ahead. MetaMetrics’ Lexile measure has become the de facto standard for reading measurement. We look forward to working with management to find additional ways to empower students, parents, and educators with metrics that link assessment with instruction.”
MetaMetrics was advised by MHT MidSpan (exclusive financial advisor) and VLP Law Group LLP (legal advisor). Pamlico was advised by King & Spalding LLP (legal advisor).
Pamlico Capital is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico Capital seeks control-oriented growth equity investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services and software. The firm, based in Charlotte, NC, has assets under management of over $3.5 billion. For additional information, please visit www.pamlicocapital.com.